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Hainan's Sanya in 2020 reduced tax burden of enterprises by $ 51 million

In 2020, companies from 29 countries invested in Sanya, including UK, Singapore, US and Japan

SANYA, January 20. /TASS/. The Chinese resort city of Sanya at the end of 2020 reduced the tax burden of enterprises by 330 million yuan (about $ 50.9 million), reported the local authorities.

In 2020, Sanya actively promoted the improvement of the business climate, according to the city government report. In particular, the time for registering enterprises has been reduced to two working days, the period for approving investment projects has been significantly reduced, the document says.

Over the past year, more than 1,300 companies have invested in Sanya, more than 450 enterprises have signed an agreement on economic cooperation with the local authorities, at least 15 companies have established headquarters in the resort city.

As the local authorities reported earlier, by the end of 2020, 158 new enterprises with foreign capital were set up in the city. Among them, 13 with investments of $ 20 million or more, including several of the world's 500 largest companies such as Yum! Brands and the Rio Tinto group. In 2020, companies from 29 countries invested in Sanya, including UK, Singapore, US and Japan.

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.