Information released by the Development and Reform Commission of Hainan Province, China, shows that 37.5 billion yuan was invested in key projects in Hainan Province from early 2020 to August 20, with a completion rate of 55%, but there are already 18 projects with completion rate of 90%. Investment is expected to continue to grow steadily and the growth rate will accelerate.
Among the key investment projects in Hainan, the Lingshui 17-2 gas field, which was invested and built by CNOOC, is China's first deep-water autonomous large gas field with proven geological reserves of over 100 billion cubic meters. The gas field is located 150 kilometers from Hainan Island. As of early August 2020, the completion rate of investments in the gas field in 2020 has already reached 100%. Drilling operations in the gas field are now accelerating and the first production well has been completed. It is planned to be commissioned in 2021. By then, it will provide stable gas supplies of 3 billion yuan a year to Guangdong and Hong Kong. Cubic meters of this gas can meet a quarter of the gas demand in the Big Bay area.
The completion rate of the second phase of the Haikou Meilan International Airport expansion project, with a total investment of about RMB 16.51 billion, reached 72%, and the test flight was successful on July 30, 2020. It aims to be completed and operational during 2020. Once completed, it can guarantee a maximum annual passenger flow of 45 million passengers and a planned cargo and mail handling of 600,000 tons per year.
In addition, the annual completion rate of investment in the G360 Wenchang-Lingao Expressway project reached 65%, the completion rate of Huasheng 2 reached 50%, the completion rate of Boao Research Hospital was 43%, and the completion rate of Datang Gas Power Plant was 38%, the completion rate of the phase II Hainan Changjiang Nuclear Power Plant accounted for 28%, the completion rate of the Maiwan hydroelectric power plant project was 27%, the completion rate of the Tianjiaotan hydroelectric power plant project was 7%. There are two projects that have not yet started, namely the Meilong High School Chengmai Hainan Campus and the Hainan Island Tourist Road.
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