Hainan to take steps to boost private sector

Since the Hainan central government announced in April that the entire island would become China's 12th and largest free trade pilot zone, a substantial number of Chinese private companies have been attracted here.

Liu Cigui, Party chief of Hainan province, said at a recent meeting "the island province will implement specific measures to help build a fair and competitive business environment, ease tax burdens and reduce difficulties in borrowing money by private companies. Efforts will be enhanced to ensure non-public firms find solutions and achieve sustainable development."

Hainan to take steps to boost private sector

Liu stressed that the internet industry, information sector and digital economy are priorities for Hainan's development.

By the end of October, (according to official data), 55 private firms, including Guangdong-based amusement park operator Chimelong Group Co and Beijing Offcn Education & Technology Co, had registered affiliates in Hainan. E-commerce giants Alibaba, JD and Suning have also established regional headquarters or units on the island.

On Oct 18, Chinese internet search engine giant Baidu Inc and the Hainan provincial government signed an agreement to build an eco-village with an investment of 10 billion yuan ($1.45 billion).