Hainan to cultivate an elite group of high-tech companies

By Chen Shumin / HICN / Updated: 16:42,13-September-2021

South China's Hainan Province is set to cultivate an elite group of high-tech enterprises to accelerate local industrial development under an implementation plan recently issued by the provincial Department of Science and Technology.

According to the plan, which is to go into effect on October 3, the department will offer service and policy support to companies in three emerging industries: the digital economy, new petrochemical materials, and modern biomedicine, and three promising industries: seed breeding, deep-sea, and aerospace.

Haikou National Hi-Tech Industrial Development Zone. (haikou.gov.cn)

By 2023, Hainan plans to have 200 "seed enterprises" with original technologies and excellent market potential, 50 "gazelle enterprises", companies that are growing fast and show competitive creativity, and 20 "leading enterprises" with strong drives promoting the island province’s industrial development.

High-tech businesses have played a leading role in the development of scientific and technological innovation in Hainan's economy. Hainan continues to boost the high-tech industry in order to develop a modern industrial system as proposed in the master plan for the Hainan Free Trade Port issued last June.

In the first half of this year, 167 high-tech enterprises were officially recognized in the Hainan FTP, and 22 others have relocated to the province, increasing the total number to 1,027. Compared with the early "Thirteenth Five-Year Plan" period (2016-2020), the total number of high-tech enterprises is now nearly 6 times higher, and the high-tech industry saw a net profit increase of more than 100% over the same period last year.

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