Economic indicators improved in the first 3 quarters

Since the start of this year, Hainan has been using a combination of preferential policies and institutional innovation to actively promote the development of leading industries and the optimization of the island's overall economic structure. In the first three quarters of 2021, the output value of Hainan's tourism, modern service industry, high-tech industries, and high-efficiency tropical agriculture accounted for 69.4% of local GDP (a year-on-year increase of 5.8 percentage points) with tourism's output value increasing by 49.5%, the modern service industry's value by 24.5%, high-tech by 16.9%, and high-efficiency tropical agriculture by 6.1%.

In the first three quarters of this year, the formulation of investment and financing plans was sped up; new financing and construction models were explored; and, a total of CNY 8.73 billion (USD 1.37 billion) was spent supporting the construction of 59 projects in the Free Trade Port's key industrial parks.

These key parks have already begun to show results with Yangpu landing its first high-end equipment import and assembly project, Jiangdong New Area introducing the first "zero-tariff" general aviation aircraft, Boao Hope City successfully introducing 4 innovative drugs, and Wenchang Aerospace City finishing their primary infrastructure works.

From January to August this year, the combined total revenue of the 11 key industrial parks increased by roughly 25% to nearly CNY 175 billion (USD 27.4 billion). Over the same period, the parks realized revenues of CNY 35 billion (USD 5.5 billion) and completed CNY 56 billion (USD 8.8 billion) in investments respectively accounting for 35% and 25% of the province's totals during this time.

As one of the southern Chinese island's leading industries, tourism has shown extreme resilience with a total of 57.59 million visits and CNY 107.15 billion (USD 16.77 billion) in revenue in the first three quarters of 2021. This reflects respective increases of 57.8% and 136.9%.

During the National Day and Mid-Autumn Festival holidays, tourist spending in Hainan increased 4.1% over the previous year to CNY 47.24 billion (USD 7.39 billion).

With the Lingshui Li'an International Education Innovation Pilot Zone having already introduced a total of 20 world-renowned universities and welcomed its first batch of new students, it can be seen that the role of the modern service industry in Hainan is becoming more prominent.

Yangpu Port has already registered 6 new ships this year, and the total load capacity of registered international ships has increased 30% over the end of last year to hit 4.7 million tons.

The high-tech industry continues to expand. An effective pilot program of major new drugs has seen 9 new types introduced and has achieved a total output value of CNY 1.3 billion (USD 203 million).

With regards to the high-efficiency tropical agriculture industry, the 258,000 hectares of grain crops planted in the first three quarters this year have already seen harvests accounting for more than 95% of the annual goal; some 50 new tropical fruit varietals have been planted and fruit output has increased 3.4% to 3.235 million tons.

According to the Hainan Provincial Development and Reform Commission, various economic structure indicators are continuing to see great improvements including a 17.4% growth in Hainan's service industry in the first three quarters which accounts for 81.3% of overall contributions to economic growth.