Sanya's export-oriented economy surges

The Forum on Free Trade Zones Development 2024 takes place in Sanya. [Photo/Sanya Daily]

The policies of the Hainan Free Trade Port have had a huge impact in Sanya's export-oriented economy over the past five years.

The city's actual utilization of foreign investment has seen an extraordinary annual average growth rate during the past 5 years exceeding 35 percent, which was revealed on Dec 17 at the Forum on Free Trade Zones Development 2024.

Eligible businesses and individuals have been exempted from over 6 billion yuan ($822.5 million) in taxes, with import duties exempted exceeding 560 million yuan.

The year 2025 will mark the end of the 14th Five-Year Plan (2021-25) and the year of the Hainan FTP's independent customs operations. Key areas such as Yazhou Bay Science and Technology City or YZBSTC and Sanya Central Business District have taken shape and gained momentum.

To date, the YZBSTC has attracted over 10,000 business enterprises to settle there, with leading companies such as the China Seed Group, China Merchants Group and iFlytek moving in.

Five national-level science and technology innovation platforms – including Yazhou Bay National Laboratory – have been established.

In addition, over 30 universities and research institutions such as Zhejiang University and the Chinese Academy of Agricultural Sciences have converged, accelerating core technologies in agriculture and deep-sea exploration.

The Sanya CBD has evolved into a modern financial and trade industry cluster.

Focusing on the headquarters economy, modern commerce, financial services and cruise yachting industries – supported by professional services and cultural leisure – the district is emphasizing both outbound and inbound economic activities.

Currently, about 7,000 enterprises are located in the district, with a cumulative revenue of 434.6 billion yuan. What's more, leading domestic and foreign groups like Intel, Swire, Geely Group, and Zijin Mining have chosen to establish a presence there.