Central SOEs Contribute to Hainan FTP Construction

Central state-owned enterprises (SOEs) have been in full swing in supporting construction of South China's Hainan Free Trade Port (FTP) in recent years.

The Overall Plan for Hainan Free Trade Port was issued by the State Council in 2020, after which Hainan Province released a Three-Year Action Plan (2020-22), encouraging central SOEs to invest in the region.

From communication, livelihood and traffic infrastructures to industrial park and energy facility construction, central SOEs have become a main force to push forward development of the Hainan FTP.

The projects are expected to boost economic growth in the region.

For example, the 1 million-metric ton ethylene refining project located in Yangpu economic development zone is now in the peak period for equipment installation. It is expected to directly drive a total output value of more than 100 billion yuan ($15 billion) downstream industries.

In 2021, the total operating income of central SOEs in Hainan was 411.3 billion yuan, a year-on-year increase of 60 percent.

Since 2018, more than 50 central SOEs have established strategic cooperation with Hainan and by the end of 2021, 596 central SOEs had settled in the region, a year-on-year increase of 22.6 percent.

What's more, total assets and total profit of central SOEs in Hainan amounted to 654 billion yuan and 30.3 billion yuan in 2021, up 17.4 and 82 percent respectively year-on-year.

(Executive editor: Wang Ruoting)