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Hainan optimizes business environment to attract international investment

By Liu Xiaoli in Haikou | Updated: 2018-02-08

Hainan will continue to optimize its business environment and ease market access to attract more international investment this year, said Lyu Yong, head of the department of commerce of Hainan province at the annual commercial work meeting held in Haikou on Tuesday.

Hainan will make efforts to further promote its MICE industry (meetings, incentives, conventions and exhibitions), high-efficiency tropical agriculture, tourism and internet industries and headquarters economy, Lyu added.  

Last year, 396 project contracts were signed in Hainan, attracting investment of 603.9 billion yuan ($96.02 billion). About 42 percent of the projects have landed -- a new record for the province, according to the department.

International trade also saw rapid growth last year, with total trade value reaching 70.24 billion yuan. Export volume amounted to 29.57 billion yuan, a growth of 110 percent year-on-year, ranking top of the country in terms of growth rate.

Overseas direct investment increased 8.2 percent to reach $2.3 billion. Hong Kong accounted for 99.64 percent of that total and has been the top investor in Hainan for 10 years.

In the meantime, investment from Hainan to overseas regions including Belt and Road countries reached $2.45 billion, up 115 percent and ranked eighth in the country, according to data from the provincial commerce department.