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China's Ministry of Commerce to support Hainan in streamlining financial services system

The Ministry will facilitate cross-border trade settlements

HAIKOU /China/, November 19. /TASS/. China's Ministry of Commerce will actively support the southern Chinese province of Hainan in optimizing its financial services system, an official spokesperson of the Commerce Ministry, Shu Jueteng, said.

"First of all, we will optimize the financial services system, together with the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), we will help [commercial] banks improve their skills when auditing complex [financial] transactions," she told a briefing.

According to Shu Jueteng, the Ministry of Commerce will help facilitate cross-border settlements in international trade with Hainan. In addition, she specified, the central government intends to promote the formation of an "information platform and regional coordination mechanism" on the island.

"We will provide support to companies involved in offshore trade for their development, as well as favorable market conditions, and ensure the assistance of government services," the official summed up.

On April 13, 2018, Chinese President Xi Jinping announced the establishment of a pilot zone and free trade port on the island. The goal of the program is to bring Hainan into the process of globalization and international labor distribution, laying a solid foundation for innovation. Hainan's government is creating an attractive environment for investors and developed research infrastructure. According to the government's plan, by 2050, the region will be a unique cluster with an advanced economy, with campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations.