On the second anniversary of the promulgation of the "Overall Plan for the Construction of Hainan Free Trade Port", the construction of Hainan Free Trade Port has also entered a new stage and is accelerating to become an important node for China's deep integration into the international economy.
A number of new measures for trade and investment liberalization and facilitation have been implemented one after another, and the international trade and business environment has been continuously optimized, making Hainan Free Trade Port a hot spot for attracting domestic and foreign investment, and also bringing unprecedented opportunities for the development of the financial industry.
From the free trade zone to the free trade port, the continuous reform and opening up has brought a strong impetus to Hainan's economic development.
In 2021, Hainan's GDP growth rate will reach 11.2%, ranking second in the country; the average growth rate in 2020 and 2021 will be ranked first in the country at a level of 7.3%.
In addition, 1,936 foreign-invested enterprises were newly established in Hainan last year, a year-on-year increase of more than 90%. The actual use of foreign capital has maintained steady growth on the basis of doubling for three consecutive years.
In the first four months of this year, the total import and export value of Hainan's trade in goods was 59.8 billion yuan, a year-on-year increase of nearly 70%.
Scenery near Yazhou Hongyun Station on Hainan Island Ring Road Tourist Highway
At the same time, innovations and breakthroughs in the financial industry of Hainan Free Trade Port are in the ascendant, and more and more "new additions" confirm the gradual prominence of the policy effect of Hainan Free Trade Port.
As the first international bank to enter the Hainan Free Trade Port, HSBC Bank (China) Co., Ltd. Haikou Branch was approved to open in November last year.
With the Group's global network advantages and cross-border service resources, HSBC Haikou Branch supports the construction of a free trade port while helping domestic and foreign companies to connect with opportunities in the local and global markets.
Linking the global network to grasp the development opportunities of the free trade port
As a leading international bank, HSBC has always been on a mission to bridge East and West.
In Mainland China, HSBC is the largest foreign bank with branches covering nearly 60 major cities.
Globally, the Group's service network covers 64 countries and regions, and has set up "Chinese Enterprise Overseas Service Department" in more than 20 markets, which together constitute a strong financial support network linking domestic and overseas markets.
Xia Ran, President of HSBC Haikou Branch, said that Hainan Free Trade Port, as an important open door in China and the world's largest free trade port, is backed by a super-large domestic market, has the geographical advantage of connecting the ASEAN market, and enjoys the strength of national policies. Support will undoubtedly be an important meeting point for the 'Double Cycle'.
"HSBC's extensive international network and cross-border service expertise are in line with Hainan's development strategy. Setting up a branch in Haikou is equivalent to connecting a new node in HSBC's global network and thus introducing free trade for our customers. Unlimited opportunities for Hong Kong construction.”
HSBC Haikou Branch Opening Ceremony
Since its establishment, HSBC Haikou Branch has provided account services for a number of Chinese and foreign-funded enterprises in Hainan and their overseas institutions by taking advantage of domestic and overseas synergies.
The financial services that have been implemented include working capital loans, fixed asset loans, international letter of credit issuance, supply chain financing, financial leasing factoring, new offshore international trade settlement, etc., providing customers with business expansion in free trade ports and overseas markets. Diversified financial solutions support local companies to set sail and assist multinational companies to build their nests.
In addition, HSBC Haikou Branch also cooperates with the Hainan Provincial Financial Supervision and Administration Bureau and the Hainan Free Trade Port Financial Development Center, and actively promotes the policy advantages and Investment environment; cooperate with Hainan International Economic Development Bureau, Haikou International Investment Promotion Bureau and Hainan key industrial parks, etc., to actively assist in promoting the investment promotion of the free trade port.
Give full play to the advantages of international banks and keep up with the pace of opening up of free trade ports
In the past two years, Hainan has continuously accelerated the establishment of a free trade port policy system, issued a number of special measures to ease market access and trade liberalization and facilitation measures, financial support for Hainan's comprehensive deepening of reform and opening up, and a negative list for cross-border service trade. The introduction has created a favorable environment for the development of enterprises and financial institutions.
According to Xia Ran, HSBC Haikou Branch is currently focusing on corporate business, and its business expansion has always followed the pace of the opening of the free trade port, focusing on leveraging its differentiated service advantages as an international bank.
On the one hand, by tapping the business potential of HSBC China's existing corporate customers, it provides financial services for customers who intend to set up branches and expand business in Hainan; The cooperation allows more domestic and foreign enterprises in Hainan to understand HSBC's service advantages, thereby promoting HSBC's business development in Hainan and participating more in key construction projects of the free trade port.
Only half a year after its establishment, HSBC Haikou Branch has achieved satisfactory results, with steady progress in various businesses, and has also participated in a number of free trade port construction financing projects.
One of the most concerned is to provide financing support for the Hainan Island Ring Road Project.
The first withdrawal has been completed within December 2021. This is the first bank withdrawal of Hainan's roundabout tourist road. It is a breakthrough in Hainan's establishment of a market-oriented infrastructure investment and financing model, and demonstrates the spirit of the free trade port with courage and innovation.
At the beginning of this year, the Hainan Branch of the State Administration of Foreign Exchange issued the "Implementation Rules for the Pilot Reform of Foreign Exchange Management Reform in Yangpu Economic Development Zone to Carry out High-level Opening-up of Cross-border Trade and Investment" to further promote the implementation of the pilot policy of high-level opening up.
The "Detailed Rules" support banks in optimizing new-type international trade settlement, encourage pilot banks to innovate financial services, and independently handle new-type international trade foreign exchange receipts and payments business that is true and compliant for enterprises in the pilot areas.
Xia Ran said: "The continuous opening of Hainan Free Trade Port is providing continuous impetus for our business development. With the strong support of provincial and municipal financial supervision and administration departments and other government departments and regulatory agencies, HSBC Haikou Branch is developing steadily. In the future, we hope to continue to improve services, expand business, and actively participate in various innovative pilot businesses in the financial opening of Hainan Free Trade Port, so as to provide better support for Chinese and foreign-funded enterprises in Hainan."