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Hainan's GDP growth rate for three quarters of 2020 amounted to 1.1%

HAIKOU, October 22. /TASS/. The GDP of the southern Chinese province of Hainan in the first three quarters of 2020 exceeded 384.1 billion yuan (about $ 58 billion), which is 1.1% more than in the same period last year, according to the data of the provincial statistical office, reported

During this period, according to the authorities, the volume of actually used foreign capital in the province increased by 88.2% in annual terms, which amounted to $ 589 million. As for the tourism sector, in January-September Hainan received more than 36.4 million tourists. The sector's revenues amounted to 45.2 billion yuan (about $ 6.8 billion). These figures amounted to 65.2% and 63.9% of those recorded in the same period in 2019.

The relevant statistics, the website writes, confirm the effectiveness of the measures taken by the provincial authorities to support economic development amid the coronavirus pandemic. A special role in this was played by the program of building Hainan's free trade port and the optimization of the duty free trade policy.

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments. 

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.  

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. 

From July 1, the personal quotas for purchases in Hainan's duty free shops province were increased from 30,000 to 100,000 yuan (from $ 4,200 to $ 14,200), and the list was expanded from 38 to 45 positions duty free goods. Sales in duty free shops in the province from July to September amounted to 8.61 billion yuan (about $ 1.2 billion). This indicator, according to the Haikou customs service, increased by 227.5% in annual terms.