More than 138,000 enterprises registered on Hainan so far in 2019
According to data published on the official page of the provincial government’s WeChat, approximately 92% of all organizations registered since the beginning of the year are private enterprises.
A representative of the local market control department said that “The conditions for business activity on Hainan are improving, and this explains the steady growth dynamics.”
“One of the reasons for the rapid increase in the number of market entities in the province is the introduction of unified business registration procedure.”
According to statistics, the Hainan authorities are currently processing up to 570 new organizations daily.
The most significant growth was observed amongst manufacturing companies and extractive industries, (operations that remove metals, mineral and aggregates from the earth), software manufacturers and telecommunication technology service providers.
The service sector is also showing progress; the number of hotels, restaurants, companies involved in transport services and storage and delivery of goods is rapidly growing in the province.
The number of organizations specialising in social projects has more than doubled compared to the previous eight months of 2018.
According to official statistics, there are 844,000 enterprises on Hainan with an estimated 3,200 foreign companies operating on the island.