HAIKOU /China/, November 11. /TASS/. South China’s Hainan Province has signed a package of contracts with Chinese nationals abroad for 38 projects worth 36.23 billion yuan ($5.11 billion at the current exchange rate of the People’s Bank of China), Hainan Ribao reported.

According to the newspaper, the signing ceremony took place at the Hainan International Convention and Exhibition Center in Haikou, the administrative center of the province. It hosted an investment conference with more than 800 businessmen from over 100 countries and regions taking part. The signed contracts cover fields ranging from modern agriculture and low-carbon energy to biotechnology, maritime economics, and recreational tourism.

Wang Lingguii, chairman of the All-China Federation of Returned Overseas Chinese (ACFROC), commented that provincial authorities in Hainan are accelerating the development of a free trade port, establishing a major hub toward more high-level openness for China. Chinese nationals who have relocated abroad must seize corresponding favorable opportunities, he added.

According to Liu Dengshan, a member of the province’s ruling party group, foreign businessmen with Chinese roots could use trade preferences and tax benefits that will be available after Hainan adopts new customs control rules, a transition slated for December 18. He said hopefully the Chinese who have moved overseas will contribute to inviting technology and highly qualified professionals to key sectors in the province and strengthening its ties with foreign markets.

The investment conference in Haikou also showcased the achievements of the Chinese diaspora abroad in the sphere of innovation and industrial modernization. Participants in the event learned about the strategy of developing the Hainan Free Trade Port.