HAIKOU, July 25./TASS/. The total amount of assimilated investments used in construction projects in Haikou, the administrative center of China's Hainan, amounted to about 17 billion yuan (about $ 2.5 billion), accoding to the Haikou Daily newspaper.

According to the newspaper, 17 new large-scale construction projects with a total assimilated fund of about 8.8 billion yuan (about $ 1.2 billion) kicked off in the city the other day, making it the fifth group of such projects in recent years.

The previous four groups included a total of 60 construction sites. The planned volume of investments for them is estimated at about 67.5 billion yuan (about $ 9.9 billion).

The construction of a second stage of the Hainan International Exhibition Center, the assimilated funds for which make up for about 79% at present, is one of the most important construction sites. Currently, the construction of ground structures of the center is underway. During the next stage, it is planned to merge the structures of the first and second stages into a single complex.

More than 59% of the allocated investments for the implementation of all five groups of projects are investments in the construction of production facilities.

Hainan's free trade zone project

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.