Hainan to Invest 150bn yuan in Fixed Assets over Next 5 Years

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Last updated at: (Beijing Time) Friday, January 17, 2003

Hainan to Invest 150bn yuan in Fixed Assets over Next 5 Years

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Hainan's accumulated fixed asset investment is expected to exceed 150 billion yuan (18.07 billion US dollars) in the next five years, according to statements made by Hainan Governor Wang Xiaofeng on Thursday.

He made the remarks during the first session of the Third Hainan Provincial People's Congress, which opened here Thursday.

Over the next five years, the province's GDP is expected to grow at an average annual rate of 9 percent, and local fiscal revenue is predicted to increase at an average annual rate of above 10 percent, Wang said.

As the province with the largest sea area in China, Hainan plans to explore the development of offshore oil fields, Wang said.

The province also plans to accelerate the development of industries such as the pharmaceutical, oil-gas chemical products, agriculture, aquaculture and automobile.

Hainan also plans to increase the proportion of its non-agricultural industries to 70 percent in the next five years in accordance with its urbanization strategy.

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