During the first half of 2019, foreign investment in Hainan increased sharply and the number of foreign-funded enterprises newly set up, as well as the amount of foreign capital actually used also maintained rapid growth in the island province.
According to statistics released by the Department of Commerce of Hainan Province, 163 enterprises were established in Hainan from January to June, up by 254 percent year-on-year. The foreign capital actually used in Hainan stood at $160 million during the period, an increase of 3.6 times, the fastest growth rate in the country.
This year, Singapore's Temasek, COSCO Shipping International (Hong Kong) Co., Ltd., the American venture capital firm SOSV, China Everbright Limited, and other world top 500 and industry leading enterprises have invested in Hainan, according to an official from Hainan's commerce department, noting that the province has seen growth in both the quantity and quality of its foreign capital actually used.
Foreign capital in Hainan saw four new sources, the US, Canada, Germany, and the Netherlands. In addition, the field of foreign investment continued to expand, with the establishment of new enterprises in 17 of the 18 total industries in Hainan in the first half of the year.
At the beginning of this year, Yangpu Economic Development Zone, as well as other Hainan cities and counties, such as Wanning, Sanya, Lingshui, Wenchang, Danzhou, Chengmai, Haikou, and Dongfang, were put in assessment plans in terms of foreign investment. The nine places all realized their targets and Tunchang county, which was not included in the assessment plan, also attracted its first foreign investment this year.
We have been working actively to lure investment through platforms such as provincial leaders' visits and the Boao Forum for Asia Annual Conference, while continuing to optimize the business environment and fully promoting the use of foreign capital, according to officials from the commerce department.
"Since the beginning of this year, Dubai Ports World, Singapore Power Group, the Philippine Chamber of Commerce & Industry, and other enterprises and business association delegations have come to Hainan to inspect it, forming a number of back-up foreign investment projects for Hainan," the official said.
Hainan has set up a special bureau to boost international economic development, striving to use institutional mechanism to innovate foreign investment promotion. It will fully implement the "registration mechanism" of foreign-funded projects outside the negative list to replace the original "government review system", simplifying the process for the establishment of foreign-funded enterprises and promoting the construction of a "single window" for international investment.
Dongyu Island in Boao town, Qionghai, Hainan province. [Photo/Xinhua]
Overview
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