The Hainan government will raise 1 billion yuan (US$158.57 million) every year to facilitate the development of industrial parks in the southern Chinese island province, the People’s Daily reported Thursday.
It cited Hainan governor Jiang Dingzhi as saying during a meeting that the annual funding will be used in four major areas, specifically for the establishment of a state-owned platform for parks development, subsidy of bank loans to be offered at discounted interest rates, grant of financial support to technicians and university students employed at industrial parks and grant of monetary incentives to park organizers, the report said.
Hainan now has nine industrial parks and they contributed a combined 75.84 billion yuan worth of gross industrial output value as of end-July this year, it added.



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