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First 139 new construction projects commenced on Hainan

At least 16 billion yuan (about $ 2.4 billion) will be invested in the development of industrial infrastructure

HAIKOU, January 15. /TASS/. Hainan began to implement first 139 new construction projects in 2021 as part of the creation of a free trade port. The ceremony took place in Haikou on January 13, according to China Central Television (CCTV).

The total investment in their implementation will amount to 41.9 billion yuan (about $ 6.4 billion), 13.5 billion (about $ 2 billion) of which will be spent this year. These projects include the construction of a high-tech industrial infrastructure, work to improve the road network, basic infrastructure, educational institutions and a number of other areas. At the same time, 16 billion yuan (about $ 2.4 billion) will be invested in the development of industrial infrastructure, which will account for 38% of the total investment, and 16.7 billion yuan (about $ 2.5 billion) will be directed to basic infrastructure.

On June 1, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program for Hainan's Free Trade Port, according to which an effective mechanism to stimulate sustainable and long-term growth should be finally formed in Hainan by 2025. It is expected that thanks to new methods, many of which are being introduced in China for the first time, the province will be able to fulfill a number of key socio-economic tasks necessary to form a powerful financial and economic center in the country’s south. It is assumed that by 2035 both the economic and innovative potential of this region will be maximized, and it will become one of the most attractive places for international investors.