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More than 200,000 new market entities registered on Hainan in 2020

HAIKOU, October 27. /TASS/. The total number of new market entities in the first three quarters of 2020 on Hainan increased by 201,000 units, 22.91% higher than in the same period in 2019, reported Xinhua citing data from the provincial market regulator.

Among those entities, according to the market regulator, there are 98,700 new enterprises. The growth of this indicator in annual terms amounted to 106.6%. As of the end of September, according to official data, there were over a million market entities on Hainan, including 394, 000 enterprises and 697,400 individual entrepreneurs.

Over the recent years, the provincial government has made active efforts to optimize the local business climate. The publication of the development program for Hainan's free trade port boosted those efforts. According to this document, Hainan will be turned into a special customs zone. The country's government expects to complete the creation of the free port on the territory of the province by 2025: by this time, a system for ensuring free trade and investment should be created on the island.

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 on Hainan, cross-border movement of capital, entry and exit of people, and freight traffic.





Hainan Provincial Bureau of International Economic Development

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