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Building FTZ and Free Trade Port

Hainan province grows its trade port in value

By Zhao Shiyue | chinadaily.com.cn | Updated: 2022-04-18


The international cruise terminal at the Phoenix Island in Sanya, Hainan province. [Photo/VCG]

South China's Hainan province plans to build up the free trade port since its establishment four years ago, with a focus on four leading industries to push forward the port's high-quality development, Shanghai Securities Daily reported.

As the government takes actions to consolidate the past four years of foundation for industrial development, Hainan's innovative chain and industrial ecology has been further optimized.

Added value of the non-real estate sector in economy aggregate continues to expand in Hainan. Tourism, service sector, high-tech industry and tropical agriculture account for about 70 percent of the economy, making a 33.4-percent contribution to tax revenue growth.

Technology and innovation has become the new force driving the development of the Hainan free trade port.

In 2021, China National Seed Group set its new headquarters in Sanya's Yazhou district, which is turning into a hub for the seed research institutions and companies in China.

China's new manned submersible Fendouzhe, or "Striver", set a national diving record of 10,909 meters in the Challenger Deep of Mariana Trench in 2020, the deepest known point of Earth's oceans.

In February, China's Long March 8 rocket set a new record at the Wenchang Space Launch Center in Hainan. A rocket transported 22 satellites into orbit during its debut flight.

In 2021, the province's research and development fees hit China's top in growth rate. The number of patents granted surged 58.9 percent year-by-year and the international patent applications increased by 8.4 times from the previous year.

Hainan has many advantages in oil and gas exploitation, and is developing new energy industries including nuclear, wind and solar power.

To better support the industrial development, Hainan sped up their infrastructure construction in free trade port. In 2021, 11 key zones in the port saw a fixed-asset investment growth rate of 60.4 percentage points higher than the provincial level.

For the next step, Hainan will stick to its strategy of focusing on four leading industries and enhance the regional coordinated development of different economic circles in Hainan.