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Media: Hainan's Haikou surpassed investment plan by 42% in 2020

Hainan's free trade port needs the participation of companies from other countries, says official

HAIKOU, January 15. /TASS/. Hainan's administrative center —Haikou — by 42% exceeded the plan to create new promising projects by attracting foreign investors, which demonstrates success of the economic policy of the authorities in 2020, reported the Hainan Daily.

According to the newspaper, over the past year, the local government organized the signing of strategically important investment contracts with funding that is 120% higher than the planned figure. The newspaper observers believe that new innovative mechanisms to boost the profitability of projects have played a key role in stimulating investment.

As the representative of the Haikou administration clarified, the provincial leadership periodically holds meetings on investment matters, including unscheduled meetings related, in particular, to the need to build important infrastructure facilities. During these events, new steps are discussed to optimize the business climate and improve Hainan free trade port's business environment. 

In addition, for more actively probing investors and potential projects in 2020, an effective local reporting system was set up on the implementation of the program for raising capital by controlling government agencies at the level of the district, industrial zones and technology parks.

Promising investment cooperation 

"Hainan's free trade port is impossible without the participation of companies from other countries," said Chen Liangzi, head of the regional department for promoting international investment cooperation. According to the official, this year the government will further beef up its efforts to attract a significant amount of investment from abroad.

The official recalled that at the end of 2020, the Haikou administration created an official channel to promote investment cooperation with Russia and countries where the Russian language is actively used in everyday communication. In order to enhance cooperation in this direction online, agreements were concluded with the Russian bank "Solidarity" and the Russian-Asian Union of Industrialists and Entrepreneurs.

According to official statistics, about 69% of the headquarters of large commercial organizations based on Hainan are located in Haikou. From January to November, the local authorities registered about 530 companies with foreign capital that invested in the province's economy. The number of new market participants in the city for 11 months increased by 158% compared to the same period last year.