HAIKOU /China/, July 30. /TASS/. The dynamic development and preferential policies for business in the city of Sanya on Hainan Island have attracted the attention of many companies from the UK. This was reported by the Sanya Daily newspaper with reference to the China-Britain Business Council.

According to the Chairman of the organization Sherard Louis Cowper-Coles, companies from the UK view Hainan Free Trade Port as a gateway into the markets of South China and all other regions of the PRC. He said London sees Beijing as a key partner and British businesses are keen to boost mutually beneficial cooperation.

The Sanya Investment Development Authority cited UK economic observers who noted the excellent prospects for increasing cooperation with the city in areas such as tourism, trade and investment projects, education and construction. They said Hainan maintains close business contacts with some British investment banks, law firms and educational institutions.

According to The Times, over the past three years, the authorities of the southernmost Chinese province have registered more than 100 commercial organizations established by representatives of British business circles on the island. The investments of these companies in Hainan's economy exceeded 10 billion yuan (about $1.4 billion at current exchange rates). Sanya is noted to have become a key area for cooperation not only in the tourism industry, but also in the sphere of the state-of-the-art technologies and agriculture.

Sanya is one of Hainan's key centers of economic development, with more than 1 million people living in the city. In 2022, its gross product amounted to 84.71 billion yuan (about $12.2 billion). The provincial government plans to turn it into a leading financial and economic center with advanced infrastructure that will house the headquarters of leading Chinese and foreign companies. This major city also known worldwide as a first-class resort, is being transformed year after year, attracting the attention of a growing number of investors.