Home | China | World | Business South China Province Reports Steady Economic Growth FRI, FEB 22, 2002     The Southern Chinese island province of Hainan's gross domestic product last year was 56.6 billion yuan (about 6.82 billion U.S. dollars), 8.9 percent higher than in 2000. The growth rate is 1.6 percent higher than the national average,and it is the fourth successive year for the island to have a growth rate higher than the national average, say sources from Hainan Provincial Statistic has improved over the past year, with marked rises in taxes, local financial revenue, foreign trade and the inflow of overseas investment. Hainan, a former prefecture under the jurisdiction of Guangdong Province, used to be one of the China's poorest and most backward regions. It became a special economic zone (SEZ) in April 1988 and now has the country's newest and biggest special economic zone. Since it became a province and also a SEZ Hainan underwent a great economic boom but also has had major setbacks in economic development. Over the past 12 years, 13.33 billion U.S. dollars in investment flooded into the island, 6.7 billion U.S. dollars of it in overseas capital. However, most investors pumped huge investments into real estate developments to reap short term profits, turning Hainan into one of the worst "bubble economies" in China. The province began to rise above economic difficulties in 1998 and is now on developing successfully. Editor:Liu Hongji Source:Xinhua Recommend to your friend email:    China Central Television,All Rights Reserved