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Investments in Hainan's key economic projects exceeded $12.5 billion in 2021

The investment will go into the tourism industry, modern services, high-tech enterprises and infrastructure facilities

HAIKOU /China/, January 2. /TASS/. The volume of investments in key economic projects in South China's Hainan province last year was more than 80 billion yuan ($12.5 billion at current exchange rate), exceeding the goal by about 3%. This was reported by the Development and Reforms Commission of the region.

According to its data, 128 important strategic programs are being implemented on the island with investments of 378.1 billion yuan (about $59.3 billion). These investments will go into the tourism industry, modern services, high-tech enterprises and infrastructure facilities.

As informed by the committee, the authorities intend to actively promote the efficiency of investment projects in the coming stage. Among the most important 2021 facilities mentioned by the agency are the expressway, financial center and aircraft repair base in the Jiangdong New District Innovation Zone in Haikou City, as well as hydraulic engineering projects.

The provincial government expects investors to become more active in the first quarter of this year. The government is going to tighten control over financing, which, it is stressed, "should contribute to balanced sustainable development."

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, laying a solid foundation for innovation. The provincial government is creating an attractive climate for investors and establishing a well-developed research infrastructure. According to the government's plan, by 2050 the region will have a unique cluster of advanced economy with campuses of leading universities, laboratories and headquarters of leading multinational corporations.