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Added value of key industrial zones on Hainan increased by 18% in 2020 reaching $ 15 bln

There are already more than 45,900 enterprises in Hainan's industrial zones

HAIKOU, May 26. /TASS/. The added value in the production of goods and services in the key industrial development zones of Hainan's Free Trade Port increased by 18% in 2020, amounting to 96.1 billion yuan (approximately $ 15 billion), reported the island's office for statistics.

According to statement published on the agency's WeChat page, enterprises based in the province's main industrial sites provided about 87% of the growth dynamics of Hainan's gross regional product (GRP).

"Despite the negative impact of the pandemic and the difficult economic situation in the world, urgent measures were taken to overcome the unfavorable factors," the document emphasizes.

The statement reads that the most notable increase in the pace was shown by the leasing and commercial services (by 217% year-on-year), as well as wholesale and retail trade (66%), telecommunications and IT sector (55.2%).

According to published statistics, there are already more than 45,900 enterprises in Hainan's industrial zones. Their number, as noted, over the past year has increased by 74.5%, that is, by about 19,600 companies. Thanks to these new industrial facilities, the authorities were able to create over 24,800 new jobs.

The operating profit of key industrial sites in the province in 2020 increased by 47.4% to 578.9 billion yuan (about $ 90 billion), the report stated. Tax revenues of enterprises located on their territory increased by 10.2% over the specified period, to 46.1 billion yuan (approximately $ 7.1 billion).

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