According to the document titled 2010 Hainan economy and social development statistics, released on Feb. 22nd, 2011, Hainan fiscal revenue grew 52.1% year on year to 27.106 billion yuan in 2010, reports 0898.net.
 
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. 
 

Translated by WOS Team
 
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