HAIKOU /China/, October 28. /TASS/. The volume of used foreign capital in actual use the southern Chinese province of Hainan in January - August this year was $1.907 billion, with an increase of 386% compared to the same period last year, as reported by China's Ministry of Commerce.
According to a document published on the official website of the Ministry, there were 1,367 enterprises with foreign capital on the island during this period. This is 3.4 times more in annual terms.
At the end of 2020, the amount of foreign investment actually used in Hainan doubled year-on-year to $3 billion.
Last June 1, the Central Committee of the Communist Party of China and the State Council of China published a program for the formation of a free trade port in Hainan. The document provides for the creation of a special customs zone on this tropical island. The PRC authorities plan to complete the construction of the free port on the territory of the province in 2025, by which time the island should have a complete system of free trade and investment. By 2035, Hainan is expected to have free trade and investment as well as cross-border capital flows, entry and exit of people, and freight transportation.