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Haikou’s number of market participants up 169.72% in 2022

The city also registered 610 new private trading and industrial companies

HAIKOU /China/, January 9. /TASS/. The total number of new market participants in 2022 in the Chinese city of Haikou (South Hainan province) went up 169.72% year-on-year and exceeded 780 thousand, the Haikou Daily newspaper wrote.

The corresponding figure in Haikou last year reached 81.06% of the total number of new market participants in the entire province. Of these, 170,000 were new businesses - an increase of 74.38%. During this period, the city also registered 610 new private trade and industrial companies. The corresponding figure increased by 218.43% in annual terms.

The city authorities in 2022 continued its policy of supporting new businesses and creating a favorable business climate, including through simplifying procedures for obtaining various documents and registration. The rapid increase of new market players and foreign investments is related to the implementation of the project to build a free trade port in the province.

Its program provides for the transformation of the island into a special customs zone. The government expects to complete the Free Port as a whole by 2025, by which time the island should have a free trade and investment system in place.

By 2035 the free port will reach its maturity. By that time, Hainan will have the freedom of trade and investment, cross-border movement of capital, travel, and freight transportation.

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