📡Guardians of Hong Kong
9.54K subscribers
21.6K photos
1.88K videos
27 files
9.99K links
We provide translation of news in English from local media and other sources, for academic use.
Facebook: http://bit.ly/BeWaterHongKong
Instagram: @guardiansofhk
Website: https://guardiansofhk.com/
Download Telegram
#NetizensVoice

In 2018, Xi Jinping already mentioned to replace Hong Kong with Hainan Island

(01 Jun)What’s wrong with Hainan’s Economy?
30 November 2018 at 10:45
President Xi Jinping visited Hainan Island at the beginning of the year and announced a series of measures to stimulate its economy, which included establishing the country’s largest free-trade zone in order to attract international investment.

Such an announcement triggered a lot of excitement. Apart from the zone, the Hainan Government also proposed a plan that would allow foreigners to enjoy uncensored internet access upon entering Hainan Province, but the suggestion later ceased to proceed.

Scholars involved in Hainan’s reformation plan told the press that Hainan Province will try the most advanced systems and practises in the world, including learning from Hong Kong and Dubai. In the future it will become China’s delegate and play an important role in boosting the world’s confidence.

Some people are expecting Hainan to become “Bali+Hong Kong” in the near future and are hoping that Hainan will later overtake Hong Kong.

Half a year has passed, has Hainan’s economy managed to make any progress? Statistics can explain everything.

The Bureau of Statistics of Hainan Province has just released Hainan’s economic data of October and it has shocked a lot of people.

The saleable area of houses sold from January to October in 2018 dropped 36% whereas sales revenue fell by 20% in comparison to the same period last year.

Another major source of economic growth, investment in fixed assets, ask dropped an astonishing 14.7%.

Transportation of freight also experienced an economic downturn with a decrease of 2.2%.

In October alone, Hainan Government’s fiscal revenue also showed a rare downward trend: the overall public budget revenue fell by 4.2% compared with the same period last year while the pre-expenditure fell by 3.1%.

As for the major consumer goods, vehicle production experienced a steep drop of 71.2%.

Many are concerned because if the trend persists, Hainan will soon replace the three provinces in Northeast of China and become the province with the slowest economic growth.

What exactly is wrong with Hainan’s economy?

Source: LIHKG
https://lih.kg/2046914

#Hainan #Xi #Hainan #FreeTradeZone #BluePrint #FinancialHub #Ecomony #ChinaPropaganda