HAIKOU, December 7. /TASS/. Hongkong and Shanghai Banking Corporation (HSBC) opened a branch in the administrative center of the southern Chinese province of Hainan, Haikou city. According to China News Service, it is the first foreign bank to open a branch in the free port of Hainan.

The branch will specialize in servicing transactions of local and foreign enterprises, as well as companies with foreign participation. The HSBC representative office will provide lending and project financing services to legal entities, as well as cross-border transactions and asset management advice.

"The opening of the new branch will allow us to better meet the day-to-day growing demand for cross-border transactions here in order to provide support for local businesses to expand their activities in overseas markets, while helping Hainan attract even more advanced international companies and foreign investment," said HSBC Haikou Branch Manager Xia Zhan.

In late November, authorities in the southern Chinese province of Hainan published the 14th Five-Year Plan (2021-2025) to develop the region's financial industry. According to it, the added value of the financial sector should exceed 100 billion yuan (about $15.6 billion) by the end of this five-year period. The sector's share in the province's GRP should reach 10 percent, the number of organizations working in finance should reach 1,000, and the number of people employed in the sector should reach 120,000.