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Building FTZ and Free Trade Port

Hainan issues implementation plan to support financial sector's opening-up

ehainan.gov.cn | Updated: 2021-09-02

Recently, Hainan issued an implementation plan to support its financial reform and opening-up.

The implementation plan pointed out that in order to improve the convertibility of RMB and support cross-border trade and investment, Hainan will expand the scope of pilot banks for the facilitation of trade foreign exchange receipts and payments, and allow qualified foreign limited partners (QFLP) in the Hainan Free Trade Port to freely remit funds in accordance with the balance management model. The foreign exchange registration procedures for QFLP as well as Hainan residents' personal foreign exchange purchases and payments for overseas study and salary settlement will be simplified.

The plan shows that Hainan supports the establishment of national joint-stock commercial banks branches in Hainan. The province also welcomes qualified institutions to apply for the establishment of public fund management companies, and qualified domestic and foreign financial institutions to wholly own or hold shares in futures companies. For private equity funds invested in key areas such as the seed industry and modern agriculture, the province will increase the support and encourage their high-quality development.

Hainan encourages all kinds of overseas financial institutions to settle in Hainan through new ways such as setting up new legal representative, branches, and franchised institutions. The province also encourages Hainan insurance companies to strengthen cross-border cooperation with insurance companies in Hong Kong and Macao.

In addition, Hainan will step up innovation in financial products and improve financial services.