Hainan to focus on economic recovery in Q4

Haikou International Duty Free City is set to open on Oct 28. [Photo/Shi Zhonghua]

Haikou International Duty Free City, the world's largest single duty-free shop, will open on Oct 28. It covers 926,000 square meters, with more than 800 international and domestic well-known brands confirming their presence in it.

"The COVID-19 outbreak in August had an impact on the province's economy, especially on the tourism consumption and service industries," said Cheng Shaolin, president of the Hainan Provincial Bureau of Statistics.

Faced with the severe impact brought about by the COVID-19 pandemic, Hainan has focused on its economic recovery while continuing its efforts to block the spread of COVID-19.

In September, the actual market entities in the province increased by 50.8 percent year-on-year, with its growth rate of new market entities topping China for the 31st consecutive month. A number of major projects will be put into operation, such as Haikou International Duty Free City, which will inject new momentum into the modern service industry. During the National Day holiday, the number of people entering the island increased by nearly 50 percent month-on-month.

In September, the added value of industries above designated size in the province increased by 2.9 percent month-on-month, the fixed asset investment increased by 50.4 percent month-on-month, and the total retail sales of consumer goods increased by 20.5 percent month-on-month.

In the last quarter of 2022, the province will continue to promote COVID-19 pandemic prevention and control, as well as economic and social development, while striving to complete its annual economic and social development goals and tasks.