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 | Thursday, April 27, 2000, updated at 16:12(GMT+8) | ||||||||||||
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Hainan's Economy Steadily ImprovesThe local economy in South China's Hainan Province is expected to get on the track of steady growth after more than four years of restructuring.A report by the Haikou Central Sub-branch of the People's Bank of China predicts that there will be a seven percent rise in the total retail sales of consumer commodities in the province thanks to rising sales of real estate properties. As the Asian economy has been recovering further, coupled with improved export product mix, foreign trade is now surging ahead, and investment will go up steadily, according to the report. Efficiency in local enterprises will continue to improve this year based on the fact that large and medium-sized state enterprises in the province all reported profits last year. High-efficiency tropical agriculture in the province has grown into an important business sector in Hainan, while island tourism has become its leading revenue maker. Real estate is expected to become Hainan's new economic powerhouse this year as work continues to rejuvenate the real estate sector, the report said.
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