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More than 500 companies registered in Hainan's Yangpu port in 2020

Yangpu plays a key role in the development of China's transportation network

HAIKOU, January 13. /TASS/. China's Hainan Yangpu bonded port area approved 502 applications for company registrations in 2020. According to the Hainan Daily, the total number of enterprises registered in this industrial area with special tax and customs regime has reached 640.

"In 2020, a total of 502 companies were registered in the Yangpu bonded port zone, of which 476 companies were registered from June 1 to January 31, which is about 95% [of the total number for the year]," a representative of the port area Li Guangneng was quoted as saying. The industrial park signed agreements on 19 new projects last year, with nine already under construction.

Xia Xianhua, general manager of Yangpu-based Hainan Yerong Trade and Industry Company, said the area has undergone significant changes in recent years. "When we came here at the end of 2017 to build a factory, our buildings were surrounded by weeds and bushes. There were no businesses and everything looked very deserted. Today, there are sites everywhere where active construction work is underway," the newspaper quoted Xia Xianhua as saying.

Hainan Yerong specializes in coconut production, and is one of the key food production and processing enterprises in the Yangpu Economic Development Port Zone. It was commissioned in August 2018. Now the product line of the enterprise includes 12 types of goods; about 50 tonnes of coconut milk are produced here daily.

Yangpu plays a key role in the development of China's transportation network. In 2019, the GDP of this economic region with more than 89,000 permanent residents exceeded 26 billion yuan ($ 3.7 billion). In accordance with the plans of the Chinese government, by 2035 this port will become a key point for the distribution of trade flows from various regions of the country to Southeast Asia and Oceania, Europe and North America. It is expected that by 2025 Yangpu will become a major regional transport hub, through which up to 5 million containers per year will pass annually.

On June 1, 2020, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program of the Hainan Free Trade Port, according to which an effective mechanism to boost sustainable and long-term growth should be finally formed on Hainan by 2025.