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Hainan's Yangpu Economic Zone boosts diversification of industrial development

A modern petrochemical cluster is being formed on the territory of this industrial site

HAIKOU /China/, June 23. /TASS/. The Yangpu Economic Development Zone in the northwest of the Hainan Island has intensified the process of creating a diversified industrial structure. This was reported by China News Service.

According to the report, a modern petrochemical cluster is being formed on the territory of this dynamically developing industrial site in addition to traditional areas such as logistics, transport communications and processing of agricultural semi-finished products. In particular, we are talking about large-scale production of ethylene, aromatic hydrocarbons, olefins and a number of new materials.

According to Jen Yanxin, the first deputy head of the Yangpu Zone Management Committee, local authorities are striving to provide the most favorable conditions for the development of high-tech food processing enterprises. For this purpose, he explained, numerous preferences are being created, through which the government expects to establish large-scale production of a wide range of goods that are in high demand in the market.

Over the past three years the deep-sea container port, located on the territory of this industrial zone, was able to have a significant stimulating effect on the development of the sector related to international shipping, thanks to tax incentives and measures such as exemption of strategically important companies from certain types of duties, the article notes. In addition, the technopark's management is working extensively to attract companies specializing in the production of knowledge-intensive environmental products, as well as enterprises involved in economic digitalization projects.

The Yangpu Economic Development Zone plays an important role in the formation of China's unified, highly efficient transport network. According to the Chinese government's plan, by 2035, the port located on its territory will become a key distribution hub for the flow of goods from different regions of the country to Southeast Asia and Oceania, Europe and North America. It is expected that by 2025 it will become a logistics hub of regional importance, with up to 5 million containers passing through it annually.

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