HAIKOU, November 17. /TASS/. The number of new market entities registered on Hainan from January to October 2020 amounted to 248,700, which is 25% higher compared to the same period last year. The total number of businesses and individual entrepreneurs on the island increased to 1.13 million last month, the Hainan Daily reported, citing the provincial market regulator.
According to the authorities, about 417,000 companies and about 715,000 individual entrepreneurs are registered on the island. In the first ten months, the number of enterprises in Internet technologies, modern financial services and medicine increased at a particularly fast pace.
An increase in the growth rate of the number of market participants occurred after the publication of a general program for Hainan's free port. Thus, in June, 23,3000 new market entities were registered on the island, in July — 25, 300, in August — 27,000, and in September — 38,300. Last month, 33,7000 new market participants were registered on the island.
The Hainan authorities believe that the world-class business climate in the province is very important, and they consistently create conditions for its development.
In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.
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.