This Day in History: Hainan Island Becomes a Province

By Jesse Pottinger, April 13, 2021

0 0

On April 13, 1988, Hainan Island and its surrounding island groups, formerly a division of Guangdong province, were declared the nation's newest province by the Chinese government. 

At the same time, the new province of Hainan was also granted status as the country’s fifth special economic zone. To this day it remains the largest of all seven SEZs.

The new title allowed Hainan to import, duty-free, any materials necessary for the production of exported or domestically sold goods.

The province was also exempt from the government’s export quotas. In addition to unlimited export internationally, Hainan-produced goods would now be favored for sale on the Chinese mainland as well. 

For the first two years, foreign investors were also exempt from any government profit taxes, and land rights on the island could be bought from the government for 70 years.

The new policies were enormously successful in promoting foreign investment. In the province’s early months, investments of over USD110 million poured in from over 100 different companies. In 2007, industry in Hainan exceeded agriculture for the first time as the main economic resource.

Hainan today remains both the smallest and southernmost of China’s provinces. The island has gained a reputation both domestically and internationally as a vacation hotspot, for its beautiful beaches and tropical climate, and it continues to grow and develop as an economic frontrunner. 

READ MORE: Hainan Province officially declared 'World Longevity Island'

For more This Day in History stories, click here.

[Cover image via Avery h/t Flickr]


Follow That's Sanya 

Stay up to date on all things Sanya. Find us on FacebookInstagram and WeChat (Search for SanyaPlus) or scan the QR code below. Click ‘follow’ to get daily info about Sanya – from hotels and holiday options, beaches to mountains, restaurants to nightlife, fitness to spas – as well as talking to the diverse people who make Sanya the destination it is.

WeChat-QR.jpg

more news

The Mysterious Death of Chinese Warlord Wu Peifu

Warlord Wu Peifu once lived in Beijing's Shijin Huayuan Hutong until his somewhat mysterious death in 1939.

Explainer: How May 1 Became International Workers' Day

Why does China have a holiday for wrongly executed US terror suspects?

This Day in History: China Enacts New Marriage Law

When Mao Zedong famously declared "Women hold up half the sky."

This Day in History: Aleister Crowley Summons Demon in Shanghai

In 1906, the occultist, mystic, magician and self-proclaimed Beast 666 came to Shanghai to summon his Holy Guardian Angel...

The Beijing Central Axis – 6 Places You May Not Have Visited

These six places along the Central Axis offer alternatives to the more well-known tourist hot spots.

The Mysterious Death of Chinese Warlord Wu Peifu

Warlord Wu Peifu once lived in Beijing's Shijin Huayuan Hutong until his somewhat mysterious death in 1939.

Mental Health Support in China is Available

Xiaojie Qin, founder of mental health NGO CandleX, discusses the state of mental health support in the Middle Kingdom.

Meet the Organization Serving Underprivileged Students in China

We talked to Hu Xiaohong about CIEO's charity work; working to provide better education opportunities where and when they are needed.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at ThatsSanya for events, guides, giveaways and much more!

7 Days in Sanya With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Sanya!

Visit the archives