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Hainan's administrative center to boost development of modern services in 2022

As the Hainan Daily newspaper notes, the city is actively developing e-commerce

HAIKOU /China/, Jan. 4. /TASS/. Haikou city, the administrative center of China's Hainan province, plans to boost the development of the modern services sector in 2022, the Hainan Daily newspaper reported.

"We are striving to create a cluster of headquarters and leading companies in the modern services sector, actively attracting businesses engaged in offshore trade, international investment and mutual settlements," the newspaper quoted the city's Commerce Department as saying. Haikou authorities are making efforts to form a reliable resource base, which is necessary for the industry structure to produce a wide range of products with high added value.

As noted by the publication, e-commerce is actively developing in the city. For instance, according to preliminary official estimates, Haikou's online transactions in 2021 amounted to some 180 billion yuan ($28 billion) and are expected to continue to grow. In addition, the local government has recently started working with companies that provide healthcare services and train medical professionals.

"We are also fostering cooperation among various companies, taking steps to do so on several fronts at once," the local investment development office informed. According to the department, Haikou will soon seize additional opportunities to boost the growth dynamics of the cross-border trade sector.

According to the government plan, in the coming years, the provincial capital will attract a number of Chinese and international banks and large insurance companies to form a free trade port of Hainan and finance numerous projects related to the modern services sector. For this purpose, the city is actively building infrastructure, creating comfortable living and working conditions for highly skilled professionals.

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