Local authorities on the Chinese city of Haikou have signed 36 projects with a total investment of 13 billion yuan ($2 billion) in the Hainan Free Trade Port (FTP).
The signing ceremony took place on 11 April in Haikou, capital of south China’s island province Hainan.
The projects cover fields including modern logistics, biomedicine, high-end manufacturing, the digital economy, offshore trade, business aviation, modern finance, and high-tech agriculture.
Among these projects, 21 relate to the biomedicine industry, which is also among the city’s main industrial economic engines.
By the end of last year, biomedicine had become an industry of 37.6 billion yuan ($5.90 billion) in Haikou, which is becoming an integrated institutional innovation demonstration base for the FTP’s biomedicine sector.
Liu Liwu, Deputy Mayor of Haikou, said that the city’s biomedicine industry is expected to earn 100 billion ($15.6 billion) yuan in operating revenues by 2025, with figures doubling by 2030.