China News Agency, Haikou, November 23 (Reporter Wang Ziqian) The General Office of the People’s Government of Hainan Province issued the "Fourteenth Five-Year Development Plan for the Financial Industry of Hainan Province" (referred to as the "Plan") on the 23rd, proposing a preliminary establishment by 2025 A financial system compatible with a high-level free trade port will focus on building a financial window facing the Indian Ocean and the Pacific Ocean and a financial service center facing South Asia and Southeast Asia.
In the past five years, the overall strength of Hainan's financial industry has risen, and cross-border financial business has developed rapidly, but the overall scale is still small.
During the 14th Five-Year Plan, Hainan will focus on the development of trade finance, consumer finance, technology finance, green finance, and sea-related finance. It is planned that the added value of the financial industry will exceed 100 billion yuan by 2025, and the financial industry will account for 10% of GDP.
During the "14th Five-Year Plan" period, Hainan will accelerate the all-round opening up of its financial industry, including encouraging overseas financial institutions to settle in Hainan and building a Hainan free trade multifunctional account system.
Encourage the innovation of RMB financial products and businesses facing the international market, and expand the scope of overseas RMB investment in Hainan's financial products.
In order to explore a new model of international financial cooperation, Hainan will build a pilot zone for cooperation with Southeast Asia and countries and regions along the Maritime Silk Road.
Carry out cooperation with Southeast Asia in terms of capital introduction, talent training, financial opening, and regulatory innovation, and explore cross-border financial regulatory sandbox cooperation mechanisms.
Promote the establishment and speed up the integration into the ASEAN-oriented regional market, and encourage the major financial license institutions of ASEAN countries to participate in the pilot program and implement the business in the Hainan Free Trade Port.
Promote in-depth cooperation with institutions in the UAE and other Middle East and North Africa countries in the forefront of financial services such as private banking, wealth management, investment management, and financial technology.
In order to promote the innovation of financial business and product integration, during the "14th Five-Year Plan" period, Hainan plans to carry out digital RMB pilot projects throughout the island and explore the application scenarios of digital RMB with the characteristics of Hainan Free Trade Port.
In addition, the offshore RMB market in Hainan Free Trade Port will be gradually cultivated.
With regard to the creation of an international financial factor trading market, Hainan plans to build an international clearing house and an international intellectual property exchange to promote the international development of trading venues for international energy, shipping, property rights, equity, and bulk commodities.
During the "14th Five-Year Plan" period, Hainan will complete a new cross-border investment and financing system that is compatible with trade and investment liberalization and facilitation, and build a basic platform for financial openness based on existing domestic and foreign currency accounts and free trade accounts.
Promote the facilitation of cross-border trade in goods, services, and new international trade settlements, and accelerate the creation of a new regional offshore international trade center.
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