HAIKOU /China/, Dec. 18. /TASS/. The administrative center of China’s Hainan province, Haikou City, will step up measures to create a developed financial center by 2025, the Hainan Daily reported.
According to the newspaper, the period of the 14th Five-Year Plan (2021-2025) will be a key milestone in the creation of the Hainan Free Trade Port. During this time, the authorities intend to create an advanced financial industry in Haikou, the added value of which will exceed 40 billion yuan ($6.28 billion at current exchange rates) per year. The sector will include several hundred companies, including about 50 key players in the local market.
In connection with the task, the Financial Control Authority and other competent departments of the city will make efforts to create an even more favorable environment for business, the newspaper writes. In the next few years there is already supposed to be a solid foundation for attracting investments into the real economy.
The Haikou Financial Center is located to the west of the Jiangdong New District Advanced Innovation Development Zone. It has a favorable geographical location, a modern infrastructure and a convenient transportation network. These advantages are expected to accelerate the development of the business center.
Guangfa Bank commented that the development of an advanced financial cluster in this area of Haikou will have a positive impact on neighboring areas and speed up urban development, including the introduction of smart technologies. This year, it noted, government agencies and interested companies signed strategic agreements, the implementation of which will make it possible to attract a significant number of new investors in the near future.
On April 13, 2018, Chinese President Xi Jinping announced the creation 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, and to lay a solid foundation for innovation. The provincial government is creating an attractive environment for investors and creating a well-developed research infrastructure. According to the government's plan, the region will be a unique cluster with an advanced economy, housing campuses of leading universities, advanced laboratories and headquarters of leading multinational corporations by 2050.