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The Authorities Of The City Of Sanya In China Allocated $2.21 Million For The Development Of High-Tech Companies

The Authorities Of The City Of Sanya In China Allocated $2.21 Million For The Development Of High-Tech Companies

The authorities of the Chinese city of Sanya (southern Hainan province) allocated 15.5 million yuan (about $2.21 million) to support the innovation activities of 31 enterprises in the high-tech industry, according to Hainan Zhibao.

When selecting companies, the city's enterprises were considered, whose activities contribute to the promotion of innovation and the development of high-tech chains, the newspaper writes. The award will be a one-time 100 to 500 thousand yuan payment ($14.28 - 71.4 thousand). Among the 31 enterprises that received support, there are companies in the field of medicine, pharmacology, and IT.

According to the publication, the remuneration of enterprises is part of the implementation of the regulations adopted in January this year to support the high-tech industry of the city of Sanya.

On June 1, the Central Committee of the Communist Party of China and the State Council of China published a program for creating a free trade port on Hainan. The document contains several dozen targets, tasks, and measures that the country's leadership sets for the development of this region. According to the government's instructions, the PRC will turn the entire island into a special customs zone.

The Chinese authorities plan to complete the creation of a free port in Hainan province in 2025. By this time, the island should have a system of ensuring free trade and investment. By 2035, Hainan plans to ensure freedom of trade and investment, cross-border movement of capital, entry, and exit of people, and cargo transportation.

By 2050, Hainan is expected to become a unique international cluster with an advanced economic system, which includes a free trade zone, campuses of the best universities, the most modern scientific laboratories and headquarters of global corporations, as well as a free port with Chinese characteristics.

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