HAIKOU /China/, March 21. /TASS/. The authorities of the southern Chinese province of Hainan have added 33 items to the list of key industries of strategic importance that are eligible for various preferential policies, Hainan Daily reported.
According to the newspaper, the list includes cultural tourism, the aerospace sector, biomedicine, offshore wind energy and the production of special automotive equipment. The list now includes 176 industries.
If companies on the list meet the requirements for the development of the Hainan Free Trade Port, they can enjoy a number of benefits. For example, they can pay income tax at a reduced rate.
This policy is expected to make it easier for in-demand enterprises to adapt to the local market conditions and accelerate the formation of a modern industrial system. One of the important tasks is to create more efficient low-carbon supply chains and apply new high-quality production capabilities to develop an international-level tourism consumption zone in Hainan.
In 2020, the Hainan government released a list of strategic industries that are eligible for preferential policies. Tourism, the modern service industry, the technology sector and high-performance tropical agriculture were announced as the four main areas. From 2019 to 2023, their value-added share of the province's gross regional product rose from 55.5% to 62.4%.