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China
13.03.24 10:30
Society

Chinese province steps up construction of modern industrial system

This was announced by Communist Party Secretary of Hainan Feng Fei


Hainan will step up construction of a modern industrial system to improve the quality, sustainability and competitiveness of its economic growth. This will enable it to develop into a free trade port with special Chinese characteristics and global influence, said Communist Party Secretary of Hainan Feng Fei.

To promote high-quality economic development, Hainan is resolutely abandoning dependence on real estate and stepping up the construction of a modern industrial system that includes "four pillars, three strengths, and three premium service sectors," said Feng.

The "four pillars" refers to four major industries: tourism, modern service industry, high-tech industry and tropical agriculture. These industries account for 62.4 per cent of the province's GDP, up 11 percentage points from 2018, and are the pillars and engines of Hainan's economic development. This is reported by CCTV+, a partner of TV BRICS.

"The three strengths” include taking advantage of Hainan's climate, ocean depth and geographical location to develop the seed, deep-sea and aerospace industries. The high temperature creates favourable conditions for seed farming, the deep ocean is conducive to the development of maritime industry, including deep-sea technology, and the low latitude is ideal for the development of space industry, which also reduces the cost of launching space rockets.

"And the three premium service sectors are high-end shopping, medical and education, where we hope to lure back outbound consumptions," he said.

As for the positioning of Hainan's future development, it became clear when Xi Jinping, general secretary of the Communist Party of China, in April 2018, called for Hainan to become a pilot zone for comprehensive reform and opening-up, as well as a national pilot zone for environmental protection, a zone for China's core strategies and international tourism.

Photo: IStock
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