HAIKOU /China/, February 14. /TASS/. The People's Bank of China (NBK, Central Bank) plans to turn the southern Chinese province of Hainan into a key platform for China's international investments, Fang Xin, head of the central office of the People's Bank of China in Haikou, said.
"We will help financial institutions make active use of domestic and foreign monetary resources and actively develop cross-border finance with the specifics of the free trade port," he said at a briefing. "We will turn Hainan into a 'haven' for attracting investment in renminbi and implementing overseas projects in China's national currency."
According to the official, the island will become a "financial platform closely related to the projects of the One Belt, One Road initiative." Fang Xin noted that "a financial management system will be established to meet the requirements of high-level openness."
Fang Xin went on to recall that Hainan attracted $4.84 billion in foreign investment in 2021. He said it was 68.1% more than the previous 12 months. In addition, the deputy head of the office specified that Hainan Free Trade Port's cross-border financial transactions grew by 102.8% last year, and payments related to the province's foreign turnover increased 4.15 times. "We will continue to pursue a proactive policy to enhance financial openness and employ even more internationally qualified professionals," he concluded.
On April 13, 2018, Chinese President Xi Jinping announced the creation of a pilot free trade zone and port on Hainan. The program aims to involve the island in globalization and international distribution of labor, to lay a solid innovation base. The provincial administration creates attractive conditions for investors, forms a top-notch research infrastructure. According to the government plan, by 2050, this region will become a unique cluster with an advanced economy, with the campuses of leading universities, advanced laboratories and the headquarters of world corporations.