Chinese Ministry of Commerce to help Hainan streamline its financial services system – Business & Economy
HAIKOU / China /, November 19. / TASS /. The Chinese Ministry of Commerce will actively support Hainan Province in southern China in optimizing its financial services system, said official spokesperson for the Ministry of Commerce, Shu Jueteng.
“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 during complex audits [financial] transactions, ”she said at a briefing.
According to Shu Jueteng, the Ministry of Commerce will help facilitate cross-border settlements in international trade with Hainan. In addition, she said, the central government intends to promote the formation of an “information platform and a 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 provide assistance to government departments,” the official summed up.
On April 13, 2018, Chinese President Xi Jinping announced the creation of a pilot zone and a free trade port on the island. The objective of the program is to bring Hainan into the process of globalization and international division of labor, laying a solid foundation for innovation. The Hainan government creates an attractive environment for investors and has developed research infrastructure. According to the government’s plan, by 2050 the region will be a unique hub with an advanced economy, with leading university campuses, cutting-edge laboratories and the headquarters of large multinational corporations.