Hainan's actual use of foreign capital surges five-fold in Jan-May

Hainan Free Trade Port has been seeing an increasing number of foreign investors, with 750 foreign-funded companies from 81 countries or regions having been set up at the port from January to May.

The island province has seen a combined actual use of foreign capital of $798 million, a surge of 527.54 percent year on year.

Hong Kong, Taiwan, and Canada were the top three regions in terms of the number of companies set up in Hainan during the period. The actual use of foreign capital in the modern service industry accounts for more than 90 percent of the province's total, and the actual use of foreign capital in the business service industry has maintained rapid growth.

Since the beginning of this year, Hainan has continued to improve its business environment, rolling out a number of policies and measures to boost foreign investment and promote cooperation between companies and Hainan.

The province has encouraged companies to contribute to major sectors in Hainan FTP such as smart manufacturing, international shipping, financial leasing, new trade, education and medical care, tourism and sports and agriculture.

In February this year, Hainan FTP unveiled a new "negative list" for foreign investment, with only 27 restrictive measures retained, and more open arrangements have been made in the fields of mining and automobile manufacturing. It also introduced a comprehensive pilot program to support the expansion of Hainan's service industry and released 22 special measures to relax market access, covering five major areas such as medical care, finance, and culture.