HAIKOU /China/, September 29. /TASS/. Haikou, the administrative center of South China's Hainan province, plans to become a leader among Chinese cities in terms of the level of business environment development in 2025, Haikou Daily reported.

According to the paper, to secure this status, local authorities have focused on several innovative programs to form a credit rating system and evaluate the efficiency of enterprises. To improve conditions for foreign enterprises, too, the local government is introducing a series of preferential policies and incentives.

Haikou has already established a solid socio-economic foundation that will contribute to its sustainable growth. According to official statistics, the number of enterprises registered in the city will almost double by 2023. According to Chinese observers, this "fully reflects investors' expectations and optimism about the prospects of Hainan Free Trade Port".

One of the key factors attracting companies from around the world to Haikou is the simplified procedures for obtaining permits for business and manufacturing activities. It is said that as the formalities have become less time-consuming and labor-intensive in recent years, the process of launching a number of projects has been accelerated, helping to boost economic development.

To optimize the business environment, the government is expected to continue to introduce advanced technologies in public services and supervision in Hainan. These innovations are expected to further strengthen the protection of commercial and manufacturing activities, reduce the tax burden and promote the healthy development of the consumption sector.