Hainan reports 5.8-pct GDP growth amid cooling housing market
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South China's island province Hainan recorded a GDP growth of 5.8 percent in 2018, Shen Xiaoming, governor of Hainan, said Sunday.

According to the government work report delivered by Shen to the provincial people's congress, which opened its annual session on Sunday, Hainan's GDP reached 483.2 billion yuan (71.6 bln U.S. dollars) in 2018. The 5.8-percent growth rate failed to meet the 7-percent target Hainan set for last year.

The province targets a GDP growth of 7-7.5 percent in 2019 in a set of goals, which Shen said Hainan must work hard to achieve.

Bao Hongwen, head of Hainan's statistics bureau, said the lower-than-expected GDP growth is the "twinge" Hainan must endure amid its economic restructuring and upgrading.

Hainan last year announced strict measures to rein in speculation behind soaring house prices and reduce the tropical province's reliance on the real estate sector.

The province's property investment dropped by 16.5 percent in 2018, and the square meters of houses sold saw a decline of 37.5 percent, according to government statistics.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan