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Industrial investment in China's Hainan province increased by 25% in 2020

In 2020, the Hainan Industry and Informatization regulator entered into agreements with enterprises on 120 projects

HAIKOU, February 9. /TASS/. The volume of Hainan's investment in the industrial sector increased by 25% last year compared to the same indicator in 2019, reported the Hainan Daily citing the regional  industry and informatization regulator.

In terms of growth rates of investment in the industrial sector, in 2020 Hainan ranked third among China's regions. Investments in the industrial sector accounted for more than a third of investments in fixed assets of the province, the publication specifies.

Last year, the Hainan Industry and Informatization regulator entered into agreements with enterprises on 120 projects, in particular, agreements were reached with 16 companies from the Fortune Global 500 list, 14 large state-owned enterprises in China and 16 companies with foreign capital.

According to the Hainan Daily, the province's internet industry has grown rapidly, with revenue last year reaching 121.9 billion yuan (about $ 18.8 billion). At least 140 companies have registered their offices in the Fuxingcheng Internet Industry Innovation Park and the RSC Eco-Friendly Software Development Park.  

In April 2018, Chinese President Xi Jinping announced the launch of Hainan's project to build a pilot free trade zone. According to the authorities' plan, the creation of a pilot zone will give impetus to the processes of globalization of the island's economy and increase the attractiveness of the Chinese province for foreign investors. It is expected that by 2050 Hainan will become a unique international cluster with an advanced economic system, which includes a free trade zone, campuses of the best universities, the most modern scientific laboratories and the headquarters of world corporations.

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