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Hainan modernizes statistics system for services sector

Improvements to Hainan's statistics system for the services sector will make it possible to track data that did not previously appear in the province's official documents

HAIKOU /China/, October 22. /TASS/. South China's Hainan province is modernizing its statistics system for their international services sector to introduce a more open mechanism of economic interaction with other countries, according to the Hainan Daily.

"The modernization of the statistics system for the services sector will effectively promote cross-border cooperation under our country's first list of prohibited areas [for foreign companies] (the so-called negative list, which is introduced instead of the traditional list of permitted areas, beyond which all cross-border cooperation is prohibited - TASS note)," the newspaper cited a commentary by the regional Department of Commerce. It emphasizes that keeping track of key data plays an extremely important role in the formation of a Hainan free trade port.

As the local authorities clarified that the improvement of Hainan's statistics system for the services sector will allow to track data that did not previously appear in the province's official documents. "In addition to the main areas [of cooperation], all available segments will be taken into account," the department said.

"Starting this year, Hainan has maintained a positive trend in the development of the trade services sector, where the situation remains stable. Its key components are showing gradually accelerating growth," the department said in a commentary.

According to its information, the new statistics system will use methods of big data analysis, measure interdependence between individual indicators. In addition, the Hainan administration intends to be much more thorough in identifying trends in trade in services through close interagency cooperation and faster access to information available to Customs.

According to the official plan, in 2025 Hainan's trade in services will reach 32.6 billion yuan (about $5 billion at current exchange rates) and will be 1.8 times higher than in 2020. It is assumed that this will happen due to "significant optimization of the structure of foreign economic activities of the province.

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