HAIKOU, June 28. /TASS/. The total volume of actually used foreign capital in China's Hainan in January-May increased by 527% in annual terms and amounted to $ 798 million. Such data of the provincial Department of Commerce is published by www.hinews.cn. 

During this period, the department specified, a significant increase was recorded on Hainan and the number of new enterprises with foreign capital. From January to May, 740 such enterprises were set up in the province with investments from more than 80 countries. This indicator in annual terms increased by 393.42%. The majority of new ventures in Hainan's free trade port under construction have been created with investments from Hong Kong, Taiwan Island and Canada.

The Hainan authorities this year continued to take measures to improve the business climate in order to draw foreign investment and projects to the free trade port on the island in areas such as smart manufacturing, logistics, trade and finance, medicine, tourism and agriculture.

The program for the construction of a free trade port on Hainan, published in June 2020, provides for the transformation of the island into a special customs zone. The country's government expects to complete the creation of a free port in general by 2025: by this time, a system for ensuring free trade and investment should be ensured on the island.

By 2035, the free port and its model will become more solid. By this time, it is planned to ensure freedom of trade and investment on Hainan, cross-border movement of capital, people, and freight traffic.