Hainan’s fiscal revenue hits RMB27.106 billion in 2010
In 2010, Hainan Province saw rapid economic growth after the Chinese government revealed plans to build the tropical island of Hainan into a top international tourism destination by 2020
Hainan Provincial Government authorities attributed this robust revenue hike to surging purchases in the real estate industry.
Last year, the real estate tax accounted for 58% of the total revenue in Sanya, which so far has become a pillar industry for city development.
However, many local authorities have shown their great concerns over the current situation, and more efforts should be made to speed up the transformation of the economic structure to build Hainan into an International Tourism Island instead of a Real Estate Island.