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Hainan Province’s economy expanded 8.6% in January-June

The growth rate of industrial and service sectors reached 11% and 9.6% respectively
Hainan Province, China Artyom Ivanov/TASS
Hainan Province, China
© Artyom Ivanov/TASS

HAIKOU /China/, July 19. /TASS/. China's Hainan amounted to 345.87 billion yuan ($48.38 billion at current exchange rates) in January-June, up 8.6% year-on-year. Yang Lei, head of the provincial statistics office, said.

"In the first half of the year, Hainan's GRP growth rate amounted to 8.6%, accelerating by 1.8 percentage points (p. p.) compared to the growth rate of the first quarter," he told a press conference. The head of the department noted that the provincial indicator was 3.1 p. p. higher than China's GDP growth in January-June.

According to Yang Lei, Hainan's economy showed a "good start" in the first quarter and "maintained a strong trend of rapid growth" in the second quarter. As a result, he added, the province has successfully developed both in terms of quantity and quality during the six-month period.

According to published data, Hainan's agricultural growth rate for the six months stood at 3.8%. The dynamics of the industrial and service sectors reached 11% and 9.6% respectively.

Published data showed that the province's consumer sector also performed well in January-June, with retail sales up 9.2% compared to the same period in 2022. Restaurant revenues rose 26.4% to 16.16 billion yuan ($2.26 billion). Sales of jewelry rose 54.4%, telecommunication products 49.3%, consumer goods 28.6% and alternative energy vehicles 23.7%.

"Thus, there has been a steady increase in positive factors in Hainan's economy at a pivotal stage as our province transitions to a special customs control model <...>. Both at the leadership and all other levels, confidence in the [successful] formation of the Hainan Free Trade Port is growing," the department head concluded.

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