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Hainan's Yangpu port continues to attract investors — media

According to China News Service, five Chinese shipping companies signed investment cooperation agreements with Yangpu in the second half of April

HAIKOU /China/, April 28. /TASS/. Yangpu deep-sea port on the northwest coast of Hainan province has recently become an increasingly attractive strategic target for investment from Chinese and foreign transport and logistics enterprises. This was reported by China News Service.

According to the report, five Chinese shipping companies signed investment cooperation agreements with Yangpu in the second half of April. As Zhang Xuewen, deputy general manager of Hainan Anfeng Shipping Co, commented, the main reasons why enterprises are interested in investing in local projects are numerous preferences and favorable business environment of Hainan free trade port.

The head of the company noted that investments of his organization into transport projects in the province exceeded 1.2 billion yuans ($173.3 million) over the last three years. The businessman said that in the second half of 2023 Anfeng Shipping plans to put two more large vessels for bulk cargo transportation into operation.

As Liu Peng, deputy director of the Hainan Provincial Department of Transportation, commented, about 500 maritime-related market entities have registered in Yangpu since 2018, when Chinese President Xi Jinping proclaimed the creation of a free trade port on the island. The official explained that government measures, such as reducing the tax burden on shipping companies and allowing international ships to refuel without any duties or fees, have been of great interest to businesses in the first place.

Yangpu is located in Danzhou, administratively subordinate directly to the provincial administration. It provides about 45% of Hainan's foreign trade turnover and about 20% of the foreign investment it attracts.

Yangpu Economic Development Zone plays an important role in the development of China's highly efficient transport network; according to the Chinese government's plan, by 2035 Yangpu will be a key point for distributing cargo flow from different regions of the country to Southeast Asia and Oceania, Europe and North America. By 2025, it is expected to become a logistics hub of regional importance, with up to 5 million containers annually passing through.

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