In the first three quarters, the added value of the service sector in Hainan Province, China in 2020 increased by 1.7% year on year, and the growth rate changed from negative to positive. Compared to a 2.8% decline in the first half, this was 4.5 percentage points faster. Among them, value added in the wholesale and retail trade increased by 7.4% year on year, in the financial industry - by 1.9%, and in other service sectors - by 8.9%.
The modern service sector in Hainan, China is developing rapidly in 2020. From January to August, the operating profit of Internet and related services in excess of the established size increased by 63.9%, the operating profit of enterprises providing software and information technology services increased by 11.6%, the operating profit of enterprises providing business -services increased by 59.1%, and the operating profit of professional technical services enterprises increased by 23.8%.
The demand for social finance continues to grow. As of the end of September, the balance of loans in domestic and foreign currencies to financial institutions amounted to 100.511 billion yuan, an increase of 6.7% over the same period last year.
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