HAIKOU, February 8. /TASS/. The Haikou government plans to form an advanced economic cluster in the coming years, which will play a key role in the sustainable development of the regional free trade port, stated the mayor of Haikou Ding Hui.

"Our city will make every possible effort to create a support zone for Hainan's free trade port," he said at a meeting of the municipality. According to the top official, the authorities are planning to actively contribute to strengthening the international openness of the city, to promote its globalization.

The mayor recalled that the local government has already achieved a number of notable successes to achieve this goal. Thus, in 2020, Haikou accounted for more than 32% of Hainan's gross regional product. In addition, the city provides about 35% of regional investment in fixed assets and over 42% of the province's retail sales.

The mayor clarified that the administrative center of the island is constantly at the forefront, one of the first to start implementing innovative programs, including in the field of offshore trade, while introducing tax incentives, simplifying customs procedures and optimizing investment projects. An important boost for economic growth in Haikou, as noted, was seen due to the master program for the creation of Hainan's free trade port, published on June 1, 2020.

According to official data, there are four of the 11 key zones of advanced development of the island in the city. In the new district of Jiangdong, located in its eastern part, there are offices of 16 companies on the list of top-500 most competitive commercial organizations in the world with the most powerful capitalization. In this part of Hainan, about 30 facilities have been built related to the advanced technology sector. It is expected that during the fourteenth five-year plan (2021-2025), Haikou will significantly strengthen its position as an important transport and logistics center in the implementation of transcontinental projects of the Belt and Road Initiative and the national program to promote cooperation between China and ASEAN member-states.