Haikou is to inject some 200 million yuan into its service sector, according to reports.

Investment will mainly be centralized in sectors including tourism, logistics, trade, healthcare, sports, catering and financial services.

According to Ju Lei, the deputy mayor of Haikou city, the service sector accounted for almost 70 percent of Haikou’s GDP in 2012, with the added value reaching around 5.67 billion yuan, a year-on-year increase of 9.4%

Ju said Haikou has been making efforts to transform its service sector from low-end services to high-end services. In the financial sector, five banking companies settled in Haikou in 2012, including China Citic Bank, China Merchants Bank, SPD Bank, Hua Xia Bank and Haikou United Rural Commercial Bank. In the tourism sector, a series of high-end tourism projects have been launched as a response to the construction of Hainan International Tourism Island.

Haikou will further open its service sectors, facilitating market access by simplifying administrative procedures and improving tax management mechanisms, said Ju.

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