Govt policies bear fruits, more big businesses settle in Sanya
The city of Sanya has in recent years worked to encourage leading industrial conglomerates and internationally well-known enterprises and organizations to locate their headquarters in Sanya. The city hopes to boost the development of its “headquarters economy.”
Currently, a total of 10 leading Chinese companies are based in Sanya. Those organizations include JD Group, Guo’ao Group, and Fosun Group. The industries in which these corporations operate include such sectors as artificial intelligence, big data, new material technologies, and sports facilities.
Meanwhile, a number of large tourism projects including Haichang Fantasy Town and a Hello Kitty theme park have increased the pace of new construction in Sanya. A series of international events including a Formula E Race and the ISY Music Festival will also be held in the city. Moreover, a number of cultural festivals, including the Hainan International Film Festival and the CCTV and MTV Asia Music Awards, have expressed interest in holding events in Sanya.
In addition, since April this year, another 45 firms have shown interest in basing their headquarters in Sanya or investing in the city. In April, the central government unveiled a major development plan that aims to transform the island into a pilot free trade zone and to gradually explore the idea of building a “free trade port with Chinese characteristics.”
This June, the Sanya government also released a new set of preferential policies and incentives aimed at helping the city attract global conglomerates and at boosting the development of Sanya’s “headquarters economy.”
The city government also intends to invite well-known professional service firms involved in accounting, law, management consulting, and training to located their headquarters in the city.