3 billion Yuan (449 million U.S. dollars) fund for free trade zone construction set up in Hainan

Hainan has launched a 3 billion yuan (449 million U.S. dollars) fund for free trade zone (FTZ) construction, local authorities said Sunday.

The municipal government of Sanya and Hainan Development Holdings Co. Ltd. each invested 1.5 billion yuan to set up the Hainan Pilot Free Trade Zone Opening and Development Fund. The fund, with a target scale of 50 billion yuan, will offer financial support for projects in Hainan.

Tong Daochi, Party secretary of Sanya City, said the fund will aid the development of the environmental protection industry and small and micro businesses in Hainan, and help the province build itself into an international tourism consumption center.

Source: globaltimes.cn