HAIKOU, May 14. /TASS/. Hainan's Sanya plans to create new mechanisms for long-term sustainable growth and intensified economic cooperation with other countries by 2023. In order to do so, the provincial authorities will use new ways to improve the business climate and accelerate the development of the local innovation zone, according to the Hainan Daily.

“By 2023 approximately, Sanya will undergo major changes that will affect the atmosphere and sectoral structure of the city,” says a source in the local administration familiar with the situation. “The southern part of the central business district, adjacent to the sea, will be transformed by projects aimed at yachting industry such as exchange center, modern harbor and service base". 

As the deputy head of Sanya's central business district Chen Mo clarified, the transformations will also affect the cruise business, modern services, trade, and the financial sector. According to the official, the role of certified foreign partners and special funds intended for private and venture capital investment in the Chinese market will simultaneously increase.

"First of all, we pay attention to increasing openness and factors that allow attracting the attention of investors, and also studying integration processes with the introduction of systemic innovations," the official added. Chen Mo noted that in order to boost investment and economic activity in the near future in the Sanya business district, it is planned to additionally implement about 90 projects worth 52 billion yuan (approximately $ 8 billion at the current exchange rate), the capitalization of each of which exceeds 5 million yuan ($ 775,000).

A focus on innovation

According to the General Development Program of Hainan's free trade port, Sanya must ensure the creation of two of the 11 key zones in the province. Among the tasks set for the Yazhouvan Science City is to create a reliable base for the implementation of projects in the field of advanced scientific research, breeding and deep-sea research.

At the same time, the city will continue to set up a business center, which will maintain close contacts with this innovative platform, ensuring the effective use of promising inventions and advanced technologies. In order to attract investment and lend to relevant projects, it is planned to create a powerful financial center, establish strong international ties in a number of areas in many industries.

"We focus on highly professional design activities, optimize the industry potential, <...> create a developed scientific and technical infrastructure," said a representative of the administration of the innovation zone in Sanya. As he noted, over the past two years, the science city has registered about 2,300 enterprises and has launched more than 250 projects, including with the participation of a number of foreign countries.

"By the end of 2020, our science city has attracted nine colleges and universities to team up, in cooperation with which investments were made in fixed assets of 102 new objects worth 17.39 billion yuan (approximately $ 2.7 billion)," the representative added.

According to him, in order to improve the business climate, the authorities constantly pay great attention to the protection of intellectual property rights.

Sanya is one of the key centers of Hainan's economic development, a significant part of the income of which comes from the service sector. The island's administration plans to transform the city into a leading financial and economic center with advanced infrastructure with the headquarters of large Chinese and foreign companies.