During construction of the Free Trade Port, modern service industry plays a vital role: it is the industry in which the most policies for Free Trade Port are implemented, the sector that contributes most to the economic growth of Hainan Province, and the main source for local tax revenue, and the dominant force that drives social employment. Hainan Provinces made improvement according to international standards, stepped up efforts to optimize its industrial structure, and focused on development of modern service industry such as tourism, Internet, medical health, modern business, and convention & exhibition. As a result, remarkable achievements have been made.
As an emerging business in modern service industry, general aviation industry rises rapidly in Hainan Province, with carrying capacity in low-altitude tourism flight accounting for more than 50% of China’s total. Modern business service industry bursts with energy. In key fields ranging from convention and exhibition, legal service, and assessment and detection to accounting & audit, tax service, and counseling and evaluation, Hainan keeps bringing in high-level intermediary agencies and service enterprises from home and abroad. International well-known service agencies such as KPMG and Ernst & Young enlarge their investment in Hainan, actively exploit the market, bring together high-end talents, give play to their professional service advantages, and assist Hainan Province in improving the modern service industry’s development level and quality.
●Preferential Policies
Hainan Free Trade Port is the commanding height for implementation of China’s preferential tax policies
●Good Environment
Hainan boasts competitive ecological environment for development of medical care and convention & exhibition.
●Promising Future
Driven by the national “Dual Circulation” strategy, Hainan enjoys advantaged location that links home market with overseas market.
●Three Opportunities
First, the construction of Hainan Free Trade Port will bring booming service demands for development of different businesses in the modern service industry.
Second, driven by the national “Dual Circulation” strategy, Hainan, relying on its advantaged location that links home market with overseas market, lays firm market foundation for development of modern service industry.
Third, new technologies emerging in an endless stream and changes in new business model provide convenient and high-efficiency means and conditions for fast-rate development of Hainan modern service industry.
●Important foothold
Hainan Province should keep developing and expanding industries worth RMB 100billion and RMB 1,000 billion, including oil and gas industry, Internet industry, tourism industry (duty-free shopping), comprehensive health industry, modern logistics industry, low-carbon manufacturing industry, clean energy industry, modern financial service industry, education, culture, and sports industry, recreational fisheries (marine ranching) industry, deep-sea technology industry, south seed breeding technology industry, aerospace technology industry, and headquarters economy industry.
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Summary of the Plan of Hainan Province for the Development of Public Services in the 14th Five-year Plan Period
Summary of the Plan of Hainan Province for the Development of Financial Industry in the 14th Five-year Plan Period