Hainan opens non-resident islands for development
05 July, 2018
Exports fell short of target for the second consecutive year in fiscal 2017-18, in what can be viewed as a worrying development for the government.
Last fiscal year, exports fetched $36.66 billion, up 5.81 percent from a year earlier, but fell short of the government's target of $37.5 billion, thanks in part to below-par performance in June.
Export receipts in June were 18.87 percent below the monthly target at $2.93 billion. They were 3.08 percent lower than the previous fiscal year.
There was a ray of hope though: Bangladesh's main export earner, apparel, fared better than in the previous year, which saw the lowest growth in 15 years.
Garment shipments brought home $30.61 billion, up 8.76 percent year-on-year, according to data from the Export Promotion Bureau. It also beat the target of $30.16 billion.
Hainan, the southernmost island province of China, is now allowing companies or individuals to apply for the development and utilization of non-resident islands, The Paper reported.
The government has also specified the maximum period for development, which varies for different purposes.
Those who are granted to launch aquaculture can use the islands for no more than 15 years. For the development of the tourism and entertainment sector, the limit is 25 years. To promote the salt industry and mining on the islands, the cap is prolonged to 30 years.
To carry out public welfare business or establish ports, shipyards and other construction projects, developers can use the islands for a maximum of 40 and 50 years, respectively.
The government also warned that if the ecological environment of those non-resident islands is seriously damaged, activities will be ceased and investigated.
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