Free Trade Zones

The Added Value of Hainan’s Major Industrial Zones Rises 18% in 2020 to $ 15 Billion – Business and Economy

HAIKOU, May 26 / TASS /. The added value of the production of goods and services in the main industrial development zones of the Hainan Free Trade Port increased by 18% in 2020, amounting to 96.1 billion yuan (about $ 15 billion ), reported the island’s statistics office.

According to a statement posted on the agency’s WeChat page, companies based in major industrial sites in the province provided about 87% of Hainan’s gross regional product (GRP) growth momentum.

“Despite the negative impact of the pandemic and the difficult economic situation in the world, urgent measures have been taken to overcome the unfavorable factors”, underlines the document.

The statement said the most notable increase in pace was recorded by the rental and commercial services sector (up 217% year-on-year), as well as wholesale and retail trade (66%), telecommunications and IT (55.2%). .

According to published statistics, there are already more than 45,900 enterprises in Hainan industrial zones. Their number, as noted, over the past year has increased by 74.5%, or about 19,600 companies. Thanks to these new industrial installations, the authorities were able to create more than 24,800 new jobs.

The operating profit of major industrial sites in the province in 2020 rose 47.4 percent to 578.9 billion yuan (about $ 90 billion), the report said. The tax revenues of companies located in their territory increased 10.2% during the specified period, to 46.1 billion yuan (about 7.1 billion dollars).