SOCIO-ECONOMIC EFFECTS OF THE CREATION OF THE HAINAN SPECIAL ADMINISTRATIVE REGION FOR THE DEVELOPMENT OF THE REGION AND THE COUNTRY

Wang Jiangang

Introduction. The article examines the socio-economic effects of the creation of the Hainan Special Administrative Region (SAR) for the development of the region and the country in the context of economic sociology. The prerequisites and potential results of the implementation of this initiative are analyzed, taking into account the specifics of the region and the general socio-economic situation in China. Materials and methods. The research is based on the analysis of official documents, statistical data, scientific publications and expert assessments. Methods of comparative analysis, synthesis, deduction and induction are used. Theoretical approaches of economic sociology are used, in particular, the concepts of institutional change, social capital and network interactions. Results. The creation of the Hainan SAR contributes to the diversification of the region's economy, attracting investment, developing innovative industries and integrating into global value chains. The liberalization of trade in services, simplification of administrative procedures and tax incentives stimulate entrepreneurial activity and the creation of new jobs. The development of human capital is ensured by attracting highly qualified specialists, expanding educational and research opportunities. The formation of a comfortable urban environment and the improvement of the environmental situation improve the quality of life of the population. The implementation of the project helps to reduce regional inequality, strengthen social stability and strengthen the geo-economic position of the People's Republic of China.

Keywords:special Administrative Region, Hainan, economic sociology, socio-economic development, institutional change, innovation, human capital, sustainable development