Hainan Province in southern China has been planning to build the free trade port since its inception four years ago, focusing on four leading industries to push forward the high-quality development of the port, said reported the Shanghai Securities Daily.
As the government takes steps to consolidate the past four years of industrial development foundation, Hainan’s innovative chain and industrial ecology have been further optimized.
The added value of the non-real estate sector in the overall economy continues to grow in Hainan. Tourism, the service sector, high-tech industry and tropical agriculture account for about 70% of the economy, contributing 33.4% to the growth in tax revenue.
Technology and innovation have become the new driving force behind the development of Hainan Free Trade Port.
In 2021, China National Seed Group established its new headquarters in Yazhou district of Sanya, which is developing into a hub for seed research institutions and enterprises in China.
China’s new manned submersible Fendouzhe, or “Striver”, set a national diving record of 10,909 meters in the Challenger Deep at Mariana Trench in 2020, the deepest known point in 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 carried 22 satellites into orbit on its first flight.
In 2021, the province’s research and development expenses reached the highest growth rate in China. The number of patents granted jumped 58.9% year-on-year and international patent applications were up 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 industrial development, Hainan has accelerated its infrastructure construction at the free trade port. In 2021, 11 key port areas experienced a capital investment growth rate 60.4 percentage points higher than the provincial level.
For the next step, Hainan will stick to its strategy of concentrating on four leading industries and strengthen the coordinated regional development of Hainan’s various economic circles.