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At least 135,000 new market players set up on Hainan in January-July

In July alone, the number of new market entities increased on an annualized basis by 36.66%, to 25,300

SHANGHAI, August 7. /TASS/. Over 135,000 new market entities were set up in China's Hainan province in the first seven months of 2020r, which is by 30.5% more than in the same period of 2019, reported the Hainan Daily citing the provincial market regulator.

In July alone, the number of new market entities increased on an annualized basis by 36.66% — to 25,300. Among them, in particular, there are 14,100 enterprises, the number of which increased by 183.19% compared to the same period last year. A real surge in activity was recorded in such areas as Internet industry (524.15%) and modern financial services sector (364.71%). Significant growth in the number of new businesses was also seen in healthcare and marine industries.

Earlier, the Central Committee of the Communist Party of China and the Сhinese State Council published the “General Program for the Establishment of a Free Port on Hainan,” according to which the island’s administration intends to create an effective system to fulfill a number of important social and economic goals by 2025, and within 10 years to decisively enhance the innovative mechanisms for the region's development.

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.

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