“13th Five-year Plan” sees high-quality economic development in Hainan
News source:hiHainan / By Chen Shumin / 01 14,2021 20:14:00 / Focus on Hainan

On January 13ththe third press conference on the achievements of Hainans 13th Five-Year Planwas held in Haikou, with the theme of Marked Effects of Economic Structural Adjustment. The spokesman gave a brief introduction to the highlights of the operation of the economy during Hainans 13th Five-Year Plan (2016-2020), as well as the development of domestic and foreign investment, consumer spending, foreign trade, and other fields.

  • Investment

1.1 Steady investment growth has basically taken shape.

In April 2020, the provinces fixed investment growth rate achieved positive growth for the first time in 22 months, and the growth continued for eight consecutive months as of November of that year.

Aerial view of Hainan Ecological Software Park. Hainan’s key industrial parks have played an important supporting role in Hainans economic development. (Wang Kai)

1.2 The investment structure has been gradually optimized.

In 2016, real estate investment accounted for 47.7% of fixed asset investment in Hainan Province, while the proportion dropped to 39.2% from January to November 2020, a reduction of 8.5 percent.

1.3 Private investment became more active.

  • From January to November 2020, private investment increased by 1.3% year-on-year, an increase of 2.7 percent from the growth rate of June 2018 (-1.4%).
  • In 2020, Hainan added about 150,000 new businesses, a year-on-year growth of more than 113%, ranking first nationally.

Aerial view of Sanya Yazhou Bay Science and Technology City. (Feng Shuo)

  • Foreign Trade

2.1 The commodity structure has been continuously optimized.

The import of duty-free goods has become a new foreign trade growth point. Imports of duty-free goods in the first 11 months of 2020 were 21.09 billion yuan, a year-on-year increase of 96.5%.

2.2 There has been new progress in the new trade pattern

In the first 11 months of 2020, cross-border e-commerce imports across the province totaled 457 million yuan, an increase of 531.2%.

A shopper browsing at the O2O E-Commerce Experience Zone in the Haikou Comprehensive Bonded Zone. (Gu Yue)

In the past five years, in terms of service trade, the province has seen an average growth rate of 11.85%, as well as remarkable effects on industrial innovation.

2.3 Both quantity and quality have been improved.

  • In the past three years, service trade market entities registered in Hainan have increased by 2.1 times.
  • In 2018 and 2019, service imports and exports across the province increased by 16.8% and 20.3% respectively.
  • Affected by the epidemic in 2020, the annual import and export service level stayed nearly identical to the national average.

2.4 Emerging services have seen rapid development.

  • In 2020, among the 12 service trade sectors, 7 emerging sectors have achieved positive growth, with annual imports and exports increasing by 1.10 times.
  • Emerging service trade volume accounted for 56.95% of the total in 2020, much higher than the 22.89% of the same period last year.

Shoppers walk out of Goldmax Intelligent Store, a cross-border e-commerce shop in Haikou. (Gu Yue)

  • Foreign investment

3.1 The structure of the foreign investment industry has been constantly optimized.

According to preliminary statistics, in 2020, newly established foreign-funded enterprises in the modern service industry accounted for about 90% of the yearly total.

Sanya Phoenix Island International Cruise Port (Zhang Jie)

3.2 Sources of foreign investment became more diversified.

In 2020, there were 80 countries and regions investing in Hainan, doubling last year's numbers. Investors basically cover all G20 member states, all RCEP partner countries except Brunei, 15 EU countries including France, Germany, and Italy, and nearly half of the 65 countries along the Belt and Road.

The staff in the Hainan Provincial Bureau of International Economic Development answering the global investment service hotline. (Yuan Chen)

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