HAIKOU /China/, Dec. 23. /TASS/. The free trade port of South China's Hainan province showed significant progress in economic development in 2021, making the island an even more attractive destination for businesses and investors. This was reported by the Hainan Daily newspaper, citing official data.
According to the newspaper, over the past 12 months the island's administration has launched more than 150 major projects in trade promotion and investment attraction, in the financial sector, in the field of human resources, in promoting economic digitalization projects, in the transport communications sector, including air transport. "Overall, over the past year, a solid foundation has been laid for the strategic development system of the Hainan Free Trade Port," the provincial government said.
The local government noted that in 2021, it was able to establish a solid "strategic foundation" for long-term sustainable growth and dynamic implementation of the objectives of the previous phase. These measures, as noted, had a positive impact on the business environment, stimulated progress in the economic activities of market players and the construction of large-scale infrastructure facilities. They have attracted the attention of key investors and qualified specialists of the highest level from all over the world.
"It is necessary to consistently follow all orders issued by the Central Committee of the Communist Party of China and the provincial administration, to boost measures to develop the Hainan Free Trade Port and implement major projects, and to actively promote the formation of an intense growth model," stressed Hainan Governor Feng Fei.
The Hainan Daily writes that because of a number of timely government measures to promote trade and the reduction or abolition of certain types of duties, the province's foreign trade exceeded $100 billion in the first three quarters of this year for the first timeю This is an increase of 60.4%. The growth rate of international trade in services was 54.8%. Other successful steps which have boosted Hainan's development include the reduction of the maximum income tax rate for key enterprises and skilled professionals to 15%, the introduction of foreign aircraft repair services in the Jiangdong New District Innovation Zone (north of the region) under the new discount plan, a dramatic increase in cargo traffic through the Yangpu deep-water port in the northwest of the island, the success of a number of large-scale events such as the Haikou International Consumer Products Expo, and the promotion of projects in the Lecheng International Medical Tourism Pilot Zone (East).
On April 13, 2018, Chinese President Xi Jinping announced the creation of a pilot zone and free trade port on the island. The goal of the program is to bring Hainan into the process of globalization and international labor distribution, and to lay a solid foundation for innovation. The provincial government is creating an attractive environment for investors and creating a well-developed research infrastructure. According to the government's plan, the region will be a unique cluster with an advanced economy, housing campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations by 2050.