Currently, newly established industries such as automotive, pharmaceutical, petrochemical, natural gas, and beverage are growing rapidly. Some of the key projects, including the Fudao Chemical Fertilizer Second Phase, a 10-billion-Yuan joint venture invested mainly by the Chinese National Offshore Oil Corp (CNOOC), the natural gas pipeline connecting Dongfang, Yangpu and Haikou, the innovative Yangpu Power Plant and the 600,000-ton methanol project, are having a major impact.
In the short term, Hainan fosters a strategy of introducing important enterprises and projects in order to
speed up the new industrialization. It will provide more incentives for key industries such as the exploration
and processing of natural gas, petrochemicals, pulp and paper and auto manufacturing. Hainan will also encourage the development of new pillar industries such as the breeding of bio- pharmaceuticals and proce
-ssing of agricultural products.
