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09:52, 26-Feb-2019
Hainan sets up multi-billion-yuan fund for FTZ construction
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10:49, 26-Feb-2019
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South China's island province of Hainan has launched a three-billion-yuan (449 million U.S. dollars) fund for free trade zone (FTZ) construction, local authorities said Sunday.
The municipal government of Sanya, a popular tourist city, and Hainan Development Holdings Co. Ltd., each invested 1.5 billion yuan to set up a 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.
Hainan FTZ construction project, Haikou, the capital of Hainan Province, November 28, 2018. /VCG Photo
Hainan FTZ construction project, Haikou, the capital of Hainan Province, November 28, 2018. /VCG Photo
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.
Hainan was approved in April 2018 to build a pilot FTZ covering the whole island and explore the establishment of a FTZ with Chinese characteristics.
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Source(s): Xinhua News Agency