South China Province Reports Steady Economic Growth

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Last updated at: (Beijing Time) Friday, February 22, 2002

South China Province Reports Steady Economic Growth

The Southern Chinese island province of Hainan's gross domestic product last year was 56.6 billion yuan (about 6.82 billion U.S. dollars), 8.9 percent higherthan in 2000.

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The Southern Chinese island province of Hainan's gross domestic product last year was 56.6 billion yuan (about 6.82 billion U.S. dollars), 8.9 percent higherthan in 2000.

The growth rate is 1.6 percent higher than the national average,and it is the fourth successive year for the island to have a growth rate higher than the national average, say sources from Hainan Provincial Statistic has improved over the past year, with marked rises in taxes, local financial revenue, foreign trade and the inflow of overseas investment.

Hainan, a former prefecture under the jurisdiction of Guangdong Province, used to be one of the China's poorest and mostbackward regions. It became a special economic zone (SEZ) in April 1988 and now has the country's newest and biggest special economic zone.

Since it became a province and also a SEZ Hainan underwent a great economic boom but also has had major setbacks in economic development.

Over the past 12 years, 13.33 billion U.S. dollars in investment flooded into the island, 6.7 billion U.S. dollars of itin overseas capital.

However, most investors pumped huge investments into real estate developments to reap short term profits, turning Hainan into one of the worst "bubble economies" in China.

The province began to rise above economic difficulties in 1998 and is now on developing successfully.

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