HAIKOU — With free trade port policies, China's southern island province of Hainan has attracted more foreign investment in the first eight months of this year.

From January to August, 407 foreign-funded companies were newly established in Hainan, up by 86.7 percent from a year earlier, according to the provincial department of commerce.

Meanwhile, the actual use of foreign investment in Hainan surged by 33.1 percent year-on-year to $387 million, said the department.

A total of 255 new foreign-funded enterprises, or 62.7 percent of all in the eight months, were established from June to August.

The investment frenzy came after China released a master plan for the Hainan free trade port on June 1, aiming to build the province into a globally influential, high-level free trade port by the middle of the century.

The new foreign-funded enterprises are from 50 countries and regions, the department said.