As China’s island province of Hainan is developing into a globally influential free trade port (FTP), industrial parks play a critical role. According to the Hainan Development and Reform Commission, the eleven key industrial parks in the Hainan FTP received 108.3 billion yuan (about USD 15.97 billion) in investment in fixed assets from January to November 2022 - accounting for 34% of total investment in the province, an increase of 26% year-on-year. That’s 30 percent higher than the province's average.

The Haikou Jiangdong New Area, Yangpu Economic Development Zone, and Sanya Yazhou Bay Science and Technology City saw the largest investment volumes, with total investments of 35.8 billion yuan, 22.8 billion yuan, and 18.2 billion yuan respectively. For the entire year of 2022, the total estimated investment in fixed assets in industrial parks across Hainan is 125.8 billion yuan.

Aerial view of the Sanya Yazhou Bay Science and Technology City in the Hainan FTP. (Photo / Zhang Mao)

The key industrial parks in the Hainan FTP continue to see rapidly rising operation revenues. In the first eleven months of 2022, the province’s industrial parks brought in about 1.54 trillion yuan in operation revenues, up 33% year on year. The total annual revenues of the eleven parks are expected to exceed 1.6 trillion yuan, a year-on-year increase of 20%.

In the first 11 months of 2022, tax revenues of the FTP’s key industrial parks totaled 62.3 billion yuan, accounting for 58% of the provincial total. The top three contributors were the Yangpu Economic Development Zone, the Hainan Ecological Software Park, and the Haikou Fullsing Internet Industrial Park. The total annual tax revenues of Hainan’s industrial parks were estimated at 69.1 billion yuan in 2022, up 18% year on year.

Aerial view of the Yangpu Economic Development Zone in the Hainan FTP. (Photo / Chen Yuancai)

According to the Hainan Development and Reform Commission, the island’s key industrial parks will focus on investment in four leading sectors - tourism, modern service, high-tech industry, and high-efficiency tropical agriculture - and the three future industries of the land, sea, and the air.