Hainan sees 70% year-on-year market growth in first half of 2021

Due to the favorable policies of the Hainan Free Trade Port, the number of market participants in the southern Chinese province has increased substantially. In the first six months of 2021, the number of new market players totaled 191,000, a year-on-year increase of 69.23%, and included 77,700 corporations, a year-on-year increase of 60.33%.

In the six months since the master plan for the Hainan Free Trade Port was released, the number of new market players totaled 428,000, an increase of 52.31% over the previous period. That number includes 200,000 new corporations, an  increase of 136.73% over the previous period.

By the end of June, Hainan had a total of 1,346,800 market participants, with those newly added since June 2020 accounting for one-third of the total. There were 500,000 new corporations, with those newly added since June 2020 accounting for 40% of the total.

The offshore oil & gas industry, the pharmaceutical industry, and the modern financial service industry led the increase, each showing a rise in numbers of more than 150%.

From an industry point of view, from June 2020 to June 2021, the increase in market participants was mainly thanks to the wholesale & retail industry, the rental & business service industry, and the information transmission and software & technology service industry, which had a combined total of 384,000 new market players, accounting for nearly 70% of the total number.