HAIKOU /China/, June 23. /TASS/. The Sanya city administration (the southern coast of Hainan Island) will give bonuses worth 17.2 million yuan ($2.39 million at the current exchange rate) to local companies for increasing the scale of their activities. This was reported by the Hainan Daily newspaper.

According to the newspaper, the rewards will be given to 87 commercial organizations that meet official requirements. Their performance is evaluated on the basis of regulations issued by the city's Department of Industry and Information.

The award will go to companies that increased the scale of activities starting from 2022 and were officially included in the list of large organizations (profit over 20 million yuan, or about $3 million a year). The amount of the reward is 100 thousand yuan ($13.9 thousand) for industrial enterprises and 200 thousand yuan ($27.8 thousand) - for all other, except for real estate sector.

These funds must be used by companies to stimulate development and for commercial and industrial purposes. If they violate this rule, the awarded enterprises must return the money. In addition, they will be ineligible to apply for government awards for three years. Misconduct relating to financial controls can also have a negative impact on the credit rating of organizations.

Sanya is one of the key centers of Hainan's economic development, with services and modern agriculture providing a large part of its income. The island's administration plans to turn the city into a leading financial and economic center with advanced infrastructure, housing the headquarters of leading Chinese and foreign companies. This large city, also known around the world as a first-class resort, is transforming itself year after year, attracting the attention of more and more investors.