Hainan rolls out 3-year action plan to fine-tune FTP investment

A cruise liner docks at Sanya Phoenix Island International Cruise Terminal, Hainan province. [Photo by Wu Wei for China Daily]

South China's Hainan issued a three-year action plan on May 17 to improve the investment structure and quality of Hainan Free Trade Port.

According to the Hainan FTP Investment Policies (2021-23) plan, the construction of Hainan FTP is currently in its initial but most critical period, and there is still room for improvement in investment structure, investment efficiency, and industrial transformation and upgrading.

Over the next three years, Hainan will focus on its three leading industries of tourism, modern services, and advanced technology, as well as tropical agriculture, manufacturing, infrastructure, livelihood projects, social investment and other key areas. It will strive to promote investment efficiency and quality, and expand investment volume.

Through the implementation of the three-year plan, the island province will strive to achieve an annual investment growth rate of not less than 10 percent, and build a better investment structure. By 2023, its investments will be higher quality and generate better outcomes.

In the tourism industry, Hainan will support the construction of projects such as Haikou International Duty-free City, and promote its offshore duty-free shopping industry.

It will let Boao Hope City play its exemplary role and boost the integration of medical services and tourism. Hainan will take advantage of events such as the Hainan International Film Festival and Hainan Island Carnival and develop "culture plus tourism" and "sports plus tourism" models.

In terms of modern services, Hainan will seek to build an international settlement institute, a new type of offshore international trade service center and other projects, and grow the number of international enterprises establishing their headquarters in Hainan.

The action plan also clarifies that Hainan will boost industries such as the digital economy, new petrochemical materials, and modern biomedicine; cultivate and develop the seed breeding, deep-sea, and aerospace industries; and optimize and upgrade the clean energy, energy conservation, environmental protection, and high-end food processing industries.

It also proposes to accelerate the reform of the province's investment and financing system, improve the efficiency of resource allocation, broaden investment and financing channels, innovate the investment supervision model, and implement a new investment facilitation system.