China's southern island province of Hainan has seen robust growth in foreign investment inflow as it continues to improve its business environment, according to the provincial commerce department. Total foreign investment into the island, in actual use, amounted to 3.5 billion U.S. dollars in the year 2021, up 16.2 percent year on year.
The island province aims to become China's new leader of opening up through the construction of the Hainan Free Trade Port. In 2021, it succeeded in stabilizing foreign trade and foreign investment, while promoting consumption.
The department warned that Hainan would face a more complicated and severe economic environment in 2022, with the triple pressures of contracting supply and demand and weakening expectations. The government vowed to continue to boost the free trade port construction and promote overseas consumption flowing back to the home market through its offshore duty-free policy, amid other measures.
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