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Hainan launches 142 new projects worth $5.8 billion in investment

Industrial projects account for 65% of the total number of new projects launched in the province
On the morning of January 6, all parts of the province simultaneously held the first series of centralized start-up activities for the Hainan Free Trade Port Project in 2022 Feng Shuo/Hainan Daily
On the morning of January 6, all parts of the province simultaneously held the first series of centralized start-up activities for the Hainan Free Trade Port Project in 2022
© Feng Shuo/Hainan Daily

HAIKOU /China/, January 6. /TASS/. The southern Chinese province of Hainan launched 142 new projects worth 37.3 billion yuan (about $5.85 billion) in investment, the Xinhua News Agency reported on Thursday.

According to the agency, 49 of the projects are industrial. They make up 65% of the total number of the projects launched on the island, with 24.4 billion yuan ($3.8 billion) in investment.

The new package of projects includes the construction of an advanced technology and industrial innovation platform in Sanya, which will bring together various technology centers working on research in the field of intelligent electro-mechanical equipment, deep-sea engineering and a number of other areas, the news agency writes. Shenergy Group is also investing about 1 billion yuan ($156.9 million) in a wind energy equipment manufacturing project in the Yangpu Economic Development Zone.

Hainan's free trade port program, published on June 1, 2020, aims to turn Hainan into a special trade zone. The country’s government expects to complete the free trade port by 2025. The island is expected to have a free trade and investment system in place in the next three years.

By 2035 the free port should take on a more intricate form. By that time, Hainan is expected have the freedom of trade and investment, cross-border movement of capital, entry and exit of people, and freight transportation.

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