China's Hainan sees growing number of market entities in 2020

Southern China's island province of Hainan saw an increased number of market entities in 2020, particularly after the release of a master plan for the Hainan free trade port.

In 2020, Hainan welcomed 310,200 market entities, up 30.86 percent year-on-year, including 149,000 new enterprises, up 113.71 percent year-on-year, according to the provincial administration for market regulation.

Over 73 percent of the new market entities were in industries like wholesale and retail, information transmission, software and information technology services, and leasing and business services.

In recent years, Hainan has taken a series of measures to optimize its business environment. On June 1, a plan aiming to build the province into a high-level free trade port was released, encouraging more domestic and overseas investors to establish businesses in Hainan.

More than 230,000 market entities were added between June and December, accounting for three-quarters of the annual increase.