HAIKOU /China/, May 10. /TASS/. A special fund of 1.5 billion yuan (about $227 million) has been set up to support the industrial transformation of Yangpu Economic Development Zone in the southern Chinese province of Hainan. This was reported by the Hainan International Communication Network (HICN) with reference to the provincial Department of Industry and Information.

The Yangpu Economic Development Zone is a demonstration site for high-tech industry in the Hainan Free Trade Port. It focuses on the development of environmentally friendly and high-quality materials, as well as the production of various equipment. The fund will support Yangpu in establishing a green energy center and implementing a project to reduce carbon emissions using clean energy. Work will also be done to study and create a model of low-carbon industry. This experience can be further extended to the whole province, the network says.

Yangpu is located in Danzhou City (northwest of the island), administratively directly under the provincial government. It accounts for about 45% of Hainan's foreign trade and about 20% of foreign investments in the province.

This port zone of special economic development plays an important role in the development of China's transportation network: according to the Chinese government's plan, by 2035, Yangpu will become a key gateway for distributing cargo flow from various regions of the country to Southeast Asia and Oceania, Europe and North America. By 2025, it is expected to become a transportation hub of regional importance, with up to 5 million containers passing through it annually.