HAIKOU /China/, Feb. 11. /TASS/. The added value of the financial sector in South China's Hainan province reached 42.3 billion yuan (over $6.6 billion at current exchange rates) in 2021, up 3.6%. Fang Xin, head of the central office of the People's Bank of China (PBOC) in Haikou (the region's administrative center), said.
"The added value of the financial industry is growing steadily. In 2021, it increased by 3.6% to 42.3 billion yuan," he told a press conference. According to the official, the share of the corresponding segment of the economy in the structure of Hainan's gross regional product reaches 6.5%.
Fang Xin said the financial sector earned 6.97 billion yuan ($1 billion) in tax revenue for the province over this period. The head of the central bank branch said that in this background there was optimization of lending mechanisms. As a result, the volume of loans issued in Hainan in 2021 rose 6.3 percent to 1.06 trillion yuan ($166.45 billion).
"Overall, Hainan's financial sector not only withstood the negative impact of the pandemic but also performed quite well," he summed up. "In 2022, we will continue to implement reforms and measures to increase openness, and actively financially support the formation of the Hainan Free Trade Port."
On April 13, 2018, Chinese President Xi Jinping announced the creation of an experimental free trade zone and port on Hainan. The goal of the program is to bring globalization onto the island along with international labor distribution and to lay a solid foundation for innovation. The provincial government is creating an attractive environment for investors and building well-developed research infrastructure. According to the government's plan, by 2050 the region will be a unique cluster with an advanced economy, where campuses of leading universities, advanced laboratories, and headquarters of leading multinational corporations will be located.
