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Hainan signs 106 new projects worth $10 bln

SHANGHAI, April 15. /TASS/. Agreements for 106 new projects within the framework of Hainan's free trade port program were signed on April 13 at the Hainan International Exhibition Center in Haikou. According to the Hainan Daily, Provincial Party Secretary Shen Xiaoming and the Governor of Hainan Feng Fei attended the signing ceremony.

The total investment in this package of projects, which is the second this year, will amount to about 65.72 billion yuan (about $ 10.1 billion). Twenty-two of them provide for the participation of foreign capital. The signed agreements concern projects in areas such as tourism, modern services and high technologies. Forty-one projects will be implemented on the basis of key industrial parks in the province.

Speaking at the signing ceremony, Hainan's governor Feng Fei reaffirmed the authorities' intention to continue improving business conditions in order to bring Hainan to "the forefront of China." He also urged investors to seize the opportunities presented by the implementation of Hainan's free trade port project.

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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