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Hainan's financial monitoring system tracks 6-8 mln transactions daily

HAIKOU, October 21. /TASS/. Hainan's financial control system monitors 6-8 million transactions every day in real time, reported the Hainan Daily cinting the central branch of the People's Bank of China in Haikou (the administrative center of the region).

According to the publication, 22 commercial banks on Hainan report cash flows of 50-80 billion yuan ($ 7.5-12 billion) to the provincial monitoring system every day. The amount of information about these daily transactions amounts to about 5 GB. These control measures are aimed at mitigating risks in cross-border capital movements.

Despite the course to liberalize Hainan's economy, which provides, among other things, free movement of capital, the Chinese authorities are simultaneously making efforts to create a so-called electronic barrier - a financial control mechanism on the island that "monitors every fen" (one hundredth of the Chinese yuan) going into the financial system of the province and outgoing.

The central branch of the People's Bank of China, Haikou, will continue to optimize its systematic macro analysis and capital flow monitoring mechanism to promote the development of Hainan's free trade port.

In accordance with the general program on Hainan's free trade port, the administration of the island intends to form an effective economic system here by 2025, and in another 10 years, enhance the innovative mechanisms for the development of the region. At the same time, when implementing this project, the government plans to pay special attention to the prevention of socio-economic risks.