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Sanya authorities report better conditions for investors on Hainan

Sanya has also taken an active part in the government's investment promotion program

HAIKOU, December 4. /TASS/. Hainan's Sanya has been able to significantly improve the atmosphere for foreign investors over the past six months thanks to new measures implemented in accordance with the General Program of Hainan's Free Trade Port, announcedthe provincial party committee on Friday.

According to a statement obtained by TASS, recently Sanya has managed to "create new levers to stimulate development, to speed up intensive economic growth." Among the key areas in which the city has demonstrated particularly notable success in attracting foreign capital are the sector of innovation and advanced technologies, cruise and yacht business, financial services and modern types of commerce.

"Thanks to the improvement of the business climate and the rapid concentration of resources, the Sanya administration managed to ensure high efficiency and stability of the investors' activities," the authorities said.

Progress over the past six months

According to the document, in early June, the Sanya authorities announced the creation of 11 key economic development zones, including the Yazhouvan science city and the central business district. At the end of the same month, a government recommendation was issued to make it easier to draw highly skilled workers, giving this top-notch resort in China a number of additional employment benefits.

Sanya has also taken an active part in the government's investment promotion program, regularly holding one-off ceremonies for a number of billions of dollars in key infrastructure projects. Thus, the city was able to boost the development of aviation industry, modern agriculture, the sphere of international cultural and humanitarian contacts, finance, deep-water research, advanced technologies and clean energy. Companies on the list of world's 500 most competitive commercial organizations took part in the implementation of those projects.

In August, the Sanya authorities set up an experimental cross-border commerce zone that is expected to dramatically enhance Hainan's international trade profile. A month earlier, the first financial platform to stimulate the development of enterprises using blockchain technology was set up there. 

The city administration made a big breakthrough in the field of duty free shopping: in 2020 alone, Sanya announced the opening of three more big duty free stores. In addition, at a Shanghai expo in November, strategic partnership agreements were concluded with companies from more than 20 countries, representing globally recognized brands.

It is expected that thanks to these, as well as a whole list of other stimulating measures, Sanya will significantly improve the service sector by the end of 2021, form a highly effective investment control system, optimize the business climate and "reach an advanced level among other regions of China."

 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.