Hainan sets up finance development center for free trade port
The Finance Development Center in the southern Chinese province of Hainan will be an important part of the province's project to build a free trade port. The center's official opening ceremony took place on December 29 in Haikou at the Hainan Free Trade Port Finance and Innovation Forum.
This center is presented as a new platform for the development of innovation in Hainan's financial sector and the practical promotion of financial services for enterprises in the province. Conducting research on financial topics for the free trade port project, training specialized personnel, international financial cooperation and promoting the financial policy of the free trade port will be on the list of the center's tasks.
On June 1, the Central Committee of the Chinese Communist Party and the State Council published the General Development Program for Hainan's Free Trade Port, according to which an effective mechanism to stimulate sustainable and long-term growth should be finally formed in Hainan by 2025. It is expected that thanks to new methods, many of which are being introduced in China for the first time, the province will be able to fulfill a number of key socio-economic tasks necessary to form a powerful financial and economic center in the country’s south. It is assumed that by 2035 both the economic and innovative potential of this region will be maximized, and it will become one of the most attractive places for international investors.