Hainan FTP's private economy rapidly growing

An aerial photo shows Century Bridge, which is a landmark of the capital city Haikou in Hainan province. [Photo/VCG]

According to a recent analysis by the Big Data Administration of Hainan Province, the private investment growth rate in the province has accelerated rapidly in the past three years.

Hainan has attached great importance to the development of the private economy since China released the master plan for the province in June 2020.

As a result, 2018, 2019, 2020, and the first half of 2021 saw the number of market entities in the private economy increase by 141,600, 245,100, 319,700, and 143,300, respectively. The year-on-year growth rate in 2019 reached the highest at 73.14 percent, while 2020 managed a 30.42 percent growth rate despite the impact of the COVID-19 pandemic.

Meanwhile, the proportion of bidding projects in the construction and real estate sectors has dropped significantly in recent years, but the proportion of bidding projects away outside of these sectors has increased, meaning that the efforts to adjust Hainan's economic structure have yielded positive results.

Finance, culture, sports, entertainment, information transmission, and information technology services are the most popular sectors for private investments in Hainan.

Within the province, Haikou and Sanya ranked as the top two cities for private investment, accounting for 18.75 percent and 12.17 percent of the total, respectively. The top three to five rankings are Baisha Li autonomous county, Lingao county, and Ding'an county.