Hainan sets up agency to woo foreign investment

China's southernmost island province of Hainan set up a new public service agency to attract foreign capital and provide international corporate services, local authorities said.

Launched by the provincial government, the newly-established Hainan international economic development bureau is a non-profit legal entity registered under the Hainan Civil Affairs Department and operates under the guide of the provincial department of commerce.

The bureau will serve the construction of the Hainan pilot free trade zone and the free trade port with Chinese characteristics, the government said.
The bureau will take charge of attracting foreign businesses and capital, offering services and consultations on exhibition and investment, and international promotions.

It will also assist relevant local organizations to set up regional headquarters and offices overseas, and provide decision-making consulting, feasible proposals and policy research regarding Hainan's open economy.

Hainan recorded a GDP growth of 5.8 percent to reach 483.2 billion yuan (about 71.9 bln U. S. dollars) in 2018, with trade volume increasing by 20.8 percent and actual use of foreign capital surging by 112.7 percent, both higher than the national average.