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At least 46 investment agreements worth $2.5 bln signed on Hainan

HAIKOU, October 13. /TASS/. Agreements on 46 projects totaling 17 billion yuan (about $ 2.52 billion) were signed on Tuesday at the Haikou International Exhibition Center in the southern Chinese province of Hainan, reported Xinhua. 

The said investment agreements have been drafted and signed as part of Hainan's free trade port ptoject. At the same time, nine agreements were signed with foreign investors, and the remaining 37 — with the Chinese. This is the third package of such agreements since the adoption of the port's development program in June.

The agreements touch upon, in particular, such areas as the free trade port's construction, development of industry and services. The US electric vehicle manufacturer Tesla's investment project on Hainan was on the list.

The authorities presented a plan for the free trade port’s development on June, 1. In accordance with the plan, the Hainan province will be turned into a special customs zone. The country’s government intends in general to wrap up the creation of the free trade port on the island by 2025: by this time the island should acquire a system to ensure free trade and investments. 

By 2035, the free trade port and its model will become more solid. By this time, Hainan intends to ensure the freedom of trade and investments, trans-border movement of capital, people and shipping.  

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world. 

Hainan Provincial Bureau of International Economic Development

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