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Hainan provincial budget revenues increased 12.9% in 2021

Hainan exceeded the target by 9.6, reaching over $14.4 billion

BEIJING, January 3. /TASS/. The budget revenues of South China's Hainan province increased 12.9% to 92.12 billion yuan (over $14.4 billion) last year, the Department of Finance of the region reported.

According to the Department, Hainan exceeded the target by 9.6%, despite the introduction of a number of tax exemptions and incentives for key enterprises, small businesses and highly qualified specialists. Simultaneously, the authorities have improved the efficiency of fiscal control.

This strategy, as noted, has reduced the tax burden on companies, which enabled increased funding, economic activity and higher revenues. Thus, budget deductions for businesses that increased their scale of commercial activity have continued to grow amid a lower tax burden.

On April 13, 2018, Chinese President Xi Jinping announced the creation of an experimental free trade zone and 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 climate for investors and creating a well-developed research infrastructure. According to the government's plan, by 2050, the region will be a unique cluster with an advanced economy, with campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations.