HAIKOU /China/, July 12. /TASS/. The southern Chinese province of Hainan aims to become a model of China's policies of reform and openness in the new era. Secretary of the CPC Hainan Provincial Committee Shen Xiaoming said this at a press conference dedicated to Hainan's development in the past 10 years and the success of the free trade port project, China News Service reported.

The briefing presented data on a number of important economic indicators over the past 10 years and since 2018, when Chinese President Xi Jinping announced the establishment of a pilot zone and free trade port in Hainan. According to Shen Xiaoming, more than 180 different documents and regulations have been approved in total since 2018 for the free trade port project. The average annual growth rate of new market entities was about 40% and the growth rate of used foreign investment reached 80%, while foreign investment attraction was almost 120%.

Progress in provincial development

Shen Xiaoming noted that over the years, the industrial structure in the province has also changed. There has been a shift in focus from real estate to tourism, modern services, cutting-edge technology and highly efficient tropical agriculture.

Since 2012, the official said, the business climate in the province has been greatly improved. Ten years ago, there were about 420,000 different market entities registered in Hainan, and by the end of June 2022, that figure had risen to 1.98 million. Investment has also surged. From 2018 to 2020, the total amount of used foreign investment reached $5.27 billion, more than half of the total in all the previous 30 years since the province was established. From January to May of this year, the year-over-year growth rate was more than 80%.

Provincial Governor Feng Fei said that significant progress has been made in improving the environment as well. The environmental agenda is a priority for local authorities. Ten years ago the average concentration of fine particulate matter PM2.5 in the air in Hainan was 25 micrograms per cubic meter. Now it is down to 13 micrograms. Good air quality is now recorded on more than 99% of the days of the year.

An important part of the province's efforts to build a free trade port and promote economic development is to attract highly qualified personnel. Various programs have attracted some 400,000 professionals to Hainan since 2018, Shen Xiaoming said.

The Hainan Free Trade Port Program, published in June 2020, aims to turn the island into a special customs zone. The national government expects to complete the free port by 2025, at which point the island should have a fully developed free trade and investment system. By 2035, Hainan will have not only free trade and investment, but free cross-border movement of capital, travel, and freight transportation as well.