Capital investment in Hainan's industrial parks up 6.6% in 2022

Last year, the total operating income of such parks reached 1.82 trillion yuan ($271.6 billion), according to official data. The growth of this indicator in annual terms was 31.6%.

According to Chen Jingxuan, head of the provincial statistical data control center, the industrial parks play a significant role in replenishing fiscal revenues. In 2022, tax collections from these parks exceeded 70 billion yuan ($10.4 billion), 53.6% of total tax revenues in the entire province. Hainan's top three parks according to this indicator include Yangpu Economic Development Zone, Hainan Ecological Software Park, and Fullsing Internet Industrial Park in Haikou.

Hainan's key industrial parks will work to attract investment in areas such as tourism, modern services, high-tech industries and tropical agriculture, as reported earlier in a statement by the provincial reform and development committee. There are also plans to develop seed farming, deep-sea research and aerospace technology.

The key industrial parks are an important part of Hainan's free trade port project, which was announced in June 2020. It envisions turning the island into a special customs zone. China's government expects to complete the free port as a whole by2025, by which time the island should have a free trade and investment system in place.

By 2035, the free port and its model will become more solid. By this time, it is planned to ensure freedom of trade and investment, cross-border movement of capital, people, and freight traffic on the Island of Hainan.