HAIKOU /China/, November 10. /TASS/. South China's Hainan province showed the advantages of a new regional model of industry development with an emphasis on openness and innovation this year, according to the Hainan Daily.
The newspaper noted that the island’s high gross regional product (GRP) growth rate at 12.8% over the first three quarters of 2021 was driven by tourism, advanced technology, modern services and modernized agriculture. The government pays close attention to the development of all of these strategic sectors. According to the publication, such high dynamics became possible thanks to the local authorities' policy of increasing business benefits and improving the business environment, promoting structural modernization and constantly optimizing the mechanisms that can improve the efficiency of the real sector.
The paper's observers believe that one of the important factors in Hainan's economic growth in January-September was the oil industry, which showed a 68.9% growth thanks to the launch of the Shenhai-1 drilling platform in the South China Sea. Tourism was also a major contributor to the province's development, with revenues rising 136.9% year on year to 107.15 billion yuan ($16.75 billion) over the period.
According to official statistics cited by the newspaper, Hainan's booming high-tech sector, which includes advanced pharmaceuticals and advanced petrochemicals, has been an important factor in the GRP growth. Modern agriculture has also played an important role.
"Thanks to its stimulating policies, Hainan's free trade port has continually introduced systemic innovations. The region's leading industries have boosted its competitive edge," commented the provincial development and reform committee. According to its data, in 2021 the share of strategic enterprises in the structure of Hainan's GRP was about 70%.
On April 13, 2018, Chinese President Xi Jinping announced the creation of an experimental free trade zone and 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 is creating an attractive environment for investors and building a well-developed research infrastructure. According to the government's plan, by 2050 the region will be a unique cluster with an advanced economy, where campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations will be located.