Small island city Sansha attracts big companies in construction: local official

Sansha, a prefecture- level city in South China’s Hainan Province, will be getting investment from 16 of the world’s 500 largest companies, reflecting its business- friendly investment environment, Sansha Deputy Mayor Feng Wenhai was quoted as saying in a media report on Tuesday.

During a presentation on the city’s government work report, Feng noted that there are 157 registered enterprises in the city, with total registered capital of more than 3 billion yuan ($ 435.7 million). The companies operate in a range of sectors such as agriculture, finance, tourism and aviation, according to the China News Agency.

The city has been encouraging cooperation among financial institutions, aiming at providing funding for companies. For example, Industrial and Commercial Bank of China set up an affiliate in the city, and more banks including China Development Bank and Agricultural Bank of China are involved in strategic cooperation with the city.

The city aims to attract more companies by providing an efficient registration mechanism and favorable tax policies, the media report noted. Also, the city will support some enterprises in their establishment of research and development centers in the city.