Hainan: Financial opening-up contributes to FTP construction

By / HNNTV/SSTV / Updated: 17:09,24-November-2021

This year marks the opening of China’s 14th Five-Year Plan period. The two-way opening-up of the financial industry that emphasizes both domestic and international markets is of great significance for Hainan to build an economy with a new height of openness. The high-level financial opening-up contributes to the construction of the Hainan free trade port.

Hainan Free Trade Port Financial Development Center is a new platform to help with the innovation and development of Hainan's financial industry. It promotes financial investment services, financial research, international financial exchange and cooperation, and financial policy promotion in the free trade port.

Song Chun, deputy director of Hainan Free Trade Port Financial Development Center expressed that they work as the assistant of Hainan Financial Supervision and Administration Bureau. On the one hand, they attract investment and provide financial services. On the other hand, they want to build themselves into an international financial think tank.

Since the Overall Plan for the Construction of Hainan Free Trade Port was released, Hainan has attracted more and more financial talents. As of August this year, the number of applicants was basically the same as that of last year. Besides attracting talents outside of Hainan, the cultivation of local talents has also been carried out.

“We should improve the quality of local financial talents and constantly carry out professional talent training according to the local conditions,” said Song Chun.

In terms of cross-border two-way capital flow, by the end of September, Hainan had handled 42 Qualified Foreign Limited Partner businesses, with a total cross-border inflow of 463 million US dollars; and introduced 12 QFLP fund management enterprises, with a total registered capital of 433 million US dollars. In terms of overseas financing, the pilot reform of domestic companies to be listed abroad has been carried out. In June 2020, both deposits and loans exceeded one trillion yuan for the first time; from June 1st, 2020 to the end of May 2021, Hainan added 47 new private equity fund managements with new assets under management reaching over 37.9 billion yuan. With the full implementation of various favorable policies, the financial industry has led the Hainan Free Trade Port to deepen reform and opening-up.

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