(ATF) – Work has begun on more than 100 construction projects at the Hainan Free Trade Port.
Almost 49 billion yuan ($7bn) has already been earmarked for the schemes on the island province, according to the Hainan Daily on Monday.
Two projects account for almost 14 billion yuan, or 28% of the total project investment.
Works begun include projects that will cover:
- 30 industrial development projects with a total investment of 15.5bn yuan, or 32% of the total project investment;
- 50 5G network infrastructure upgrading projects costing 29.7bn yuan, or 61% of the total investment;
- 20 public service projects for people's livelihood, valued at 3.7bn yuan, accounting for 7% of the total project investment.
China has a long term plan to turn the island province into a free trade zone, writes ATF’s China Correspondent Chris Gill.
Monday marks the second anniversary of its establishment, a time during which it has opened a pilot zone, a national ecology pilot zone, an international tourism centre and the construction of a major national strategic service zone, laying a solid foundation for building a more open free trade port.
The intention is to create an entrepot like Hong Kong or Singapore, but bigger. At the end of March, Hainan once again offered more than 30,000 positions in a worldwide recruitment drive.
The eventual plan, CCTV reports, is to optimize Hainan into a single window of international trade and of international investment.
Also, the overall customs clearance time for imports and exports at Hainan Port has been greatly reduced.
Over the past two years Hainan has begun a total of 793 projects with a total investment of 435.2bn yuan, 33 companies have opened headquarters in the province and more than 70,000 domestic and foreign staff have come to work there.