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Hainan authorities plan to double GRP in next five years


HAIKOU /China/, April 27. /TASS/. Hainan's authorities plan to double the province's gross regional product (GRP) in the next five years and will take a number of measures to transition to a new model of intensive development, according to Secretary of the CPC Hainan Provincial Committee Shen Xiaoming.

"In the next five years, our main goal is to actively promote comprehensive deepening of reforms and strengthening of openness," he said. "We will make every possible effort to make Hainan's economy exceed 1 trillion yuan (about $152 billion at current exchange rates) and double the size of 2021."

According to the Secretary of the Party Committee, the Chinese Government intends to "ensure that customs offices are to be closed in accordance with the schedule" (transition to a new offshore model of development by 2025 - note TASS). "This will mark the beginning of the era of the Hainan Free Trade Port, covering all areas of activity," he stressed.

According to Shen Xiaoming, Hainan will be a leader among Chinese regions in such an important indicator of socio-economic development as life expectancy. Moreover, the provincial government aims to achieve a significant increase in per capita income and significantly improve the well-being of local residents.

According to official data, Hainan's GRP grew 11.2% in 2021, amounting to 647.52 billion yuan (101.77 billion dollars). The dynamics of development of the southernmost region of China was higher than the country's GDP growth rate (8.1%) for the period. The indicator of agriculture was 3.9% and industry - exactly 6%. Significant progress (15.3%) was demonstrated by the service sector, which accounted for approximately 61% in the structure of the province's economy.