By 2035, Hainan's free trade port and its model will take on a more mature form.
HAIKOU, July 15. /TASS/. About 191, 000 new market entities were registered in January-June 2021 in the southern Chinese province of Hainan, reported the "Hainan Daily".
The growth of the corresponding indicator amounted to 69.23% compared to that which was recorded in the first half of 2020. About 60.33% of all new market entities registered in the province from January to June were enterprises.
In total, 428,000 new market entities have been registered in the Hainan province since the adoption iof the program in June 2020 to build a free trade port in the province - an increase in annual terms of 52.31%. Of these, 200,000 are enterprises. Thus, at the end of June 2021, according to official data, there were a total of more than 1.34 million market entities on Hainan.
According to the local authorities, most of the new entrants in the province are employed in areas such as wholesale and retail trade, information transmission, software and IT services, and business services.
The program of building a free trade port on Hainan provides for the transformation of the island into a special customs zone. The country's government expects to complete the creation of a free port in general 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 take on a more mature form. By this time, it is planned to ensure freedom of trade and investment, cross-border movement of capital, people, and freight traffic on Hainan.