HAIKOU, July 2. /TASS/. Hong Kong's actual investment in Hainan's Free Trade Port since 2018 has exceeded $ 4.75 billion, the deputy head of the united front department of the provincial party committee Wang Haibo said.
"Hong Kong's investment since 2018 amounted to $ 4.75 billion, or 78.46% of total foreign investment in Hainan's economy," he said. More than 780 companies with Hong Kong capital have registered on the island in more than three years, the official said.
According to the head of the provincial office for Taiwan affairs, Liu Geng, over 150 enterprises with Taiwanese investments have appeared on the island over the same period. "Their actual investment amounted to about $ 300 million. Hainan's free port presented new opportunities for promoting trade and economic cooperation between mainland China and Taipei," he stressed.
The official added that the implementation of a number of recently started important projects in Taiwan in the province are already proceeding on a regular basis, since the stage of construction and preparation for regular production activities on them was completed in the shortest possible time. "Typically, these companies are doing business in the latest technology, advanced services and advanced agriculture," explained Liu Geng.
He noted that in recent years, the structure of foreign investments on Hainan has noticeably improved, which have an increasingly effective impact on the growth rate of the gross regional product. Moreover, the island has become an attractive location for large-scale projects supervised by large companies.
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 a developed research infrastructure. According to the government's plan, by 2050, this region will become a unique cluster with an advanced economy with campuses of leading universities, advanced laboratories and the headquarters of world corporations.