HAIKOU /China/, November 4. /TASS/. The authorities in Sanya city on the southern coast of Hainan Island created an economic research institute to study issues in the financial services industry, international trade and maritime economy, according to the management of the central business district, on the territory of which the new scientific organization is located.

The opening ceremony of the institute took place during the First Sanya International Asset Management Forum, where issues related to the development of a financial cluster in Hainan were discussed. During the event, nine Chinese funds with the status of qualified domestic limited partners (QDLPs - financial companies that have the right to cooperate with qualified domestic investors to form assets used in important strategic projects) announced the registration of their branches in the central business district.

In addition, the local government has promoted the establishment of the Hainan Free Trade Port Industry Asset Management Alliance in Sanya. It is expected that this organization will be an important link through which companies will maintain an effective financial dialogue with the local government.

According to official statistics, there are already more than 1 thousand financial structures in Sanya. In 2020, the added value (additional income created by invested capital) of the relevant sector exceeded 6 billion yuan (more than $938 million at current exchange rates).

Sanya is one of the key centers of Hainan's economic development, with the service sector providing a significant part of its income. The island's administration plans to turn the city into a leading financial and economic center with advanced infrastructure and the headquarters of major Chinese and foreign companies. This large population center, also known worldwide as a first-class resort, is transforming itself year after year, attracting the attention of more and more investors.