China's Hainan specifies investment targets and policies for 2021-2023 in action plan

Aerial photo taken on May 3, 2021 shows a bridge in Haikou, capital of south China's Hainan Province.  (Xinhua/Yang Guanyu)

China's southern island province of Hainan has specified investment targets for 2021-2023 while highlighted manufacturing sector's high-quality and efficient development during the period in a three-year action plan.

Investment on "3+1+1" industries is targeted to grow 12 percent annually from 2021 to 2023, which is planned to take up no less than 67 percent share in total fixed-asset investment across the province, creating added values of over 70 percent in the provincial GDP by 2023, according to the action plan.

The action plan gives main focus to such "3+1+1" industries as three leading industries namely tourism, modern services, high-tech industries, as well as tropical characteristic high-efficiency agriculture and manufacturing, Peng Bo, associate research fellow with Chinese Academy of International Trade and Economic Cooperation (CAITEC), said in an interview with Economic Information Daily, noting that the newly added high-efficiency agriculture and manufacturing compared with the Master Plan for the Construction of the Hainan Free Trade Port released in June of 2020 show the increasing importance attached to the manufacturing sector.

Next, Hainan will further improve investment efficiency and quality and further refine investment structure during the three years, according to the plan.