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Hainan showed growth in all key economic indicators in May

The report indicates that retail sales on Hainan have grown by 52.1% since the beginning of the year

HAIKOU, June 23. /TASS/. South China's Hainan Province in May showed growth in all key economic indicators, stated a report by the regional statistical office. 

According to a document published on the agency's WeChat, Hainan's economy "maintains an increasingly strong trend of sustainable growth." "Key indicators in both industrial production and investment, in the consumer sector in the recovery process [from the negative impact of the pandemic] are showing increasing dynamics," said Yao Jiexi, head of the general statistics department at the regional office for statictics. 

According to the published data, investments in fixed assets of Hainan enterprises in January-May increased by 22.8% year-on-year, and regional budget revenues - by 51.8%. The inflation rate last month was only 0.7%.

The report indicates that retail sales on Hainan have grown by 52.1% since the beginning of the year, amounting to 98.78 billion yuan ($ 15.28 billion at current exchange rates). Revenues of the local catering sector for five months increased by 102% compared to the same period in 2020.

In addition, tourists coming to the island, who are drawn by Hainan's duty free shops, have sharply increased their consumption. Thus, the volume of sales of cosmetics in the province over the specified period increased by 1.8 times, jewelry - by 2.5 times, telecommunications - by 2.1 times. Car sales increased by 70.4%, and "green" vehicles running on alternative energy sources rose by 156.3%.

On April 13, 2018, Chinese President Xi Jinping announced the creation of a pilot free trade zone and port on Hainan. The goal of the program is to involve the island in globalization and international distribution of labor, to lay a solid innovation base. The provincial administration creates attractive conditions for investors, forms an advanced research infrastructure. According to the government plan, by 2050, this region will become a unique cluster with a developed economy with the campuses of leading universities, top-notch laboratories and the headquarters of world corporations. 

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