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Capital investment in Hainan's Jiangdong New District up 30% in January-July

The district has more than 20,000 construction workers involved in more than 100 projects

HAIKOU /China/, August 31. /TASS/. Capital investment in Jiangdong New District, located in the eastern part of Haikou (administrative center of Hainan province) amounted to 20.43 billion yuan (about $3 billion at current exchange rate) in the first seven months of this year, up 30% year-on-year. This was reported by the Haikou Daily newspaper.

As the newspaper notes, there are currently more than 20,000 construction workers in the area, who are involved in more than 100 projects.

In June 2018, the Hainan administration announced the creation of the new Jiangdong New District Advanced Innovation Development Zone near the Meilan International Airport in Haikou city. Its area exceeds 298 square kilometers.

In June 2020, Jiangdong was included in the list of 11 key innovative economic development zones of Hainan Free Trade Port, home to the province's most important strategic projects. The objectives of this innovation site include the development of advanced civil aviation services, financial services, tourism, science and technology, urbanized agriculture facilities, and e-commerce.

June 1, 2020, the Central Committee of the Communist Party of China and the State Council of China published a program for the establishment of a free trade port in Hainan. The document provides for the creation of a special offshore 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, at which point the island should have a system of free trade and investment. By 2035, Hainan is expected to have free trade and investment, cross-border capital flows, travel, and freight transportation.

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