HAIKOU, January 1. /TASS/. The International Exchange of Intellectual Property Rights was set up in the southern Chinese province of Hainan. The new structure dubbed IPEH (IP International Exchange of Hainan), according to www.hinews.cn, is located in the administrative center of the province — the city of Haikou.

It should become the largest intellectual property rights trading platform in China. In the next five years, the total trade turnover on the exchange is expected to exceed 1 trillion yuan (about $ 143 billion).

According to Chen Yang, the head of the provincial financial supervision and administration department, the exchange is designed to intensify cross-border trade in intellectual property rights, as well as draw more Chinese and foreign high-tech and innovative companies to the province. The platform, he believes, can help modernize production and solve problems with financing small and medium enterprises on the Island of Hainan.

IPEH will become a part of a large-scale project for the construction of a pilot free trade zone and a free port with Chinese features on Hainan. Xi Jinping announced its creation in April 2018 at the celebration of the 30th anniversary of the establishment of the island province. 

By 2025, the Chinese government intends to create an "international center for tourism and consumption" on Hainan. In order to do so, the "Eastern Hawaii" with their unique natural landscapes, thick rainforests and great climate will establish a developed network of hotels, which blend perfectly with white sandy beaches stretching along the coastline. The combination of an exotic subtropical nature and a modern eco-friendly infrastructure will boost tourist inflow to the island from the most distant parts of the world.