HAIKOU /China/, August 23. /TASS/. Fixed capital investment in the southern Chinese province of Hainan grew by 7.2% year-on-year in the first seven months of this year, amid the implementation of large projects in the region. This was reported by the Hainan Daily newspaper with reference to data published by the Provincial Bureau of Statistics.
Industrial investments also rose over the period. Their total volume for January-July increased by 12% in annual terms. Corresponding capital investment accounted for 49.8% of the province's total investment growth. Housing, restaurants and manufacturing increased 33.3% and 37.4% year on year respectively.
According to the bureau, basic infrastructure investment in January-July accounted for 26.6% of total investment in the province. The corresponding figure increased by 15.3%, and growth for July reached 13.7%.
Creating favorable conditions for investments is an important part of the province's free trade port program, which was published in June 2020. It includes turning the island into a special customs zone. The national government expects to complete the free port as a whole by 2025, by which time the island should have a system to ensure free trade and investment.
By 2035, the free port will fully develop. Hainan will have the freedom of trade and investment, cross-border movement of capital, travel, and freight transportation.