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Hainan’s economy grows 12.8% in the three quarters of 2021

According to Wang Yu, deputy head of the region's bureau of statistics, Hainan's economy is showing "obvious intensive growth".

HAIKOU /China/, October 21. /TASS/. The gross regional product (GRP) of South China's Hainan province exceeded 450 billion yuan ($70.55 billion at current exchange rate) in January-September, up 12.8% year-on-year, the region's statistics office reported on Thursday.

"When calculating GRP at constant prices, the dynamic was 12.8 percent. Over the past two years, the average rate has reached 6.8 percent," Wang Yu, Hainan Bureau of Statistics Deputy Director, said at a news conference. She also noted that Hainan's economy is showing "obvious intensive growth".

According to published statistics, the province's agricultural sector grew 4.4% year-on-year to 88.72 billion yuan ($13.88 billion) in the first nine months, the industry grew 7.8 percent (83.53 billion yuan or $13.07 billion) and services grew 17.4 percent to 278.54 billion yuan ($43.6 billion), compared to the same period last year.

"Nevertheless, the challenges and difficulties posed by complex external factors and changes related to the pandemic should be taken into account," the official stressed. She said that to ensure sustainable development in such an unfavorable environment, the Hainan authorities need to continue their active stimulative efforts.

"In the next phase, our province will continue to do its best to achieve the social and economic development goals at all levels in accordance with the strategy formulated by the Party Committee and the Hainan administration," Wang Yu summed up.

On April 13, 2018, Chinese President Xi Jinping announced the establishment of an experimental free trade zone and a port on Hainan. The goal of the program is to bring globalization onto the island along with international labor distribution, and to lay a solid foundation for innovation. The provincial government creates an attractive environment for investors and establishes a well-developed research infrastructure. According to the government plan, by 2050 this region will become a unique cluster with an advanced economy, where campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations will be located.