HAIKOU /China/, October 18. /TASS/. 32 new projects with a total investment of 404.7 billion yuan ($62.9 billion) will be launched in the southern province of Hainan in 2022, according to the Hainan Daily.
Investments in each of them will exceed 3 billion yuan (about $466.5 million). Some 24 of these projects will be implemented in the manufacturing sector with the volume of respective investments amounting to 155.2 billion yuan (about $24.1 billion).
According to the publication, a total of 1,817 projects with investments of 724.1 billion yuan (about $112.6 billion) have been launched in Hainan since April 2018, 587 of which are in the manufacturing sector with investments of 410.9 billion yuan ($63.9 billion).
According to the provincial government's free trade port investment program on the island, state-owned enterprises will invest a total of about 762.6 billion yuan ($118.6 billion) in various projects on Hainan during the 14th Five-Year Plan (2021-2025). Capital investment in 52 projects will exceed one billion yuan ($155.5 million) per project, and these are mostly investments in production and basic infrastructure.
On June 1, 2020, the Central Committee of the Communist Party and the State Council of China published a program creating the Hainan free trade port. The document covers the creation of a special customs zone on this tropical island. The Chinese authorities intend to generally complete the free port’s construction in 2025 - by that time, the island should have a mechanism in place to ensure open trade and investment.
By 2035, the authorities plan to secure free trade and investment, cross-border movement of capital, entry and exit of people, and freight traffic in Hainan.
