HAIKOU /China/, February 2. /TASS/. Over 1,300 new enterprises with foreign capital were registered in the southern Chinese province of Hainan in 2022. The Hainan International Communication Network (HICN) reported this with reference to the Provincial Department of Commerce.
Over the past year, allocated foreign investment in Hainan has grown. The figure went up 15% year on year to $4.05 billion. Since China unveiled a program to build a free trade port in Hainan in June 2020, the province has been constantly working to optimize the mechanisms of applying foreign capital.
Last year, $3.74 billion of the total foreign investment was used in modern services, one of Hainan's top four industries. The corresponding figure rose 16.1% year on year.
Investment in various free trade port projects in Hainan came from 127 countries and regions around the world in 2022, according to the department. At the same time, there was an increase in investment from the US and European countries. Hong Kong, Taiwan Island, Singapore, and Canada accounted for the largest number of new foreign-owned enterprises registered in the province last year.
The free trade port program includes turning the island into a special customs zone. The national government expects to complete the free port as a whole by 2025. The island is expected to have a system of free trade and investment in place by that time.
By 2035, the free port and its model will become more solid. By this time, it is planned to ensure freedom of trade and investment, cross-border movement of capital, people, and freight traffic on the Island of Hainan.