Fixed capital investments in Hainan increased by 11.6% in January-October – Business & Economy

HAIKOU / China /, November 24. / TASS /. Fixed capital investment in southern China’s Hainan Province rose 11.6 percent year-on-year in the first ten months of 2021, the Hainan Daily reported with reference to data from the provincial bureau of statistics.

Compared to the same period in 2019, the increase was 21.4%, the newspaper notes. The average growth rate for the two years reached 10.2%. The absolute value of the volume of funds invested is not specified.

For the January-October period, China’s fixed capital investment increased 6.1% year-on-year to reach 44.58 trillion yuan (approximately $ 7.0 trillion at the exchange rate at the time of publication. Datas).

On June 1, the Communist Party of China Central Committee and the Chinese State Council released a program for the formation of a free trade port in Hainan. The document provides for the creation of a special customs zone on this tropical island. The PRC authorities plan to complete the construction of the free port on the territory of the province in 2025, when the island is expected to have a full system of free trade and investment. By 2035, Hainan is expected to be free of trade and investment, cross-border capital flows, entry and exit of people, and transportation of goods.