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Investors show increasing interest in Hainan projects – media

According to the Hainan Daily, the government will continue to actively support private business, eliminate any obstacles to its development and stimulate the creation of several innovative industries on the island in the coming years

The newspaper refers to the data obtained by the regional administration. According to the calculations, 141,600 new individual entrepreneurs and commercial organizations outside the public sector were registered on the island in 2018. In 2019, the increase was 73% more (245.1 thousand), and in 2020, even despite the pandemic, another 319.7 thousand market players appeared.

"The most active inflow of private capital was seen in the financial, cultural, sports, entertainment and software and information technology sectors," the authorities commented. In several areas the number of market participants doubled over the past three years, according to the article.

Simultaneously, the share of projects related to the real estate and construction industry in Hainan's list of investment programs an has decreased. Thus, the provincial administration "at the current stage has achieved an effective transformation of the structure of the economy," minimizing the risk of rising costs for businesses due to the rapid rise in rental costs.

According to the Hainan Daily, the government will continue to actively support private business, eliminate any obstacles to its development and stimulate the creation of a number of innovative industries on the island in the coming years.

On April 13, 2018, Chinese President Xi Jinping announced the establishment 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, 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.

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