HAIKOU /China/, March 29. /TASS/. Key economic indicators of the southern Chinese province of Hainan showed growth in January and February this year. The report of the Hainan Provincial Bureau of Statistics says the economy is continuously and steadily recovering.

Hainan province focused on high-quality free trade port construction, as well as socio-economic development, preventive measures and epidemiological situation control in the first two months of 2022, according to the document. The island's economy is "continuously and steadily recovering," and the value of key indicators has provided a good and stable start to the province's economic development this year, authorities said.

Investments have steadily increased in the two months, while the structure of investments has been optimized, the report stresses. Hainan's fixed asset investment rose 16.7% year on year. Industrial investment (excluding construction) rose 52.1% year on year.

According to the report, the total output of large industrial enterprises in the province grew by 7.7% in the first two months. Meanwhile, the added value of state-owned enterprises increased by 18.8%, while enterprises with foreign capital as well as investments made by investors from Hong Kong, Macao and Taiwan saw a 18.4% rise.

The document said Hainan provincial budget revenues in January-February increased 24.4% to 20.79 billion yuan (about $3.27 billion). Tax revenues accounted for 83.7% of total revenues.

On June 1, 2020, the Central Committee of the Communist Party of China and the State Council of China published a program to establish a free trade port on Hainan. The document provides for the establishment of a special customs zone on this tropical island. The PRC authorities plan to complete the construction of the free port on the territory of the province in 2025, by which time the island should have a system of free trade and investment. By 2035, Hainan is expected have free trade and investment, cross-border capital flows, travel to and from the island, and freight transportation. The document provides for the creation of a special customs zone on this tropical island. The document provides for the creation of a special customs zone on this tropical island. The PRC authorities plan to complete the construction of the free port on the territory of the province in 2025, by which time the island should be built a system of free trade and investment. By 2035, Hainan is expected to be free of trade and investment, cross-border capital flows, entry and exit of people, and freight transportation.