Hainan authorities have published the 14th five-year plan for the development of the financial industry

Hainan authorities have published the 14th five-year plan for the development of the financial industry.

It is planned that by the end of this five-year plan, the added value of the financial sector will exceed 100 billion yuan (about $15.6 billion), the authorities of the southern Chinese province of Hainan have published the 14th five-year plan (2021-2025) for the development of the financial industry in the region. According to the newspaper "Hainan Zhibao", the document was published by the office of the provincial government.
According to him, by the end of this five-year plan, the added value of the financial sector should exceed 100 billion yuan (about $ 15.6 billion). At the same time, the share of this sector in the GRP of the province should be 10%, the number of organizations working in the field of finance should reach 1 thousand units, and the number of people employed in the sector - 120 thousand people.
The document states that the development of the financial sector should meet the requirements of the free port policy in Hainan Province, and its priority will be to serve the real sector of the economy. The Government of the region undertakes to continue to carry out reforms of the financial services market, to increase its openness to the international economy. The financial sector should facilitate cross-border trade and investment. At the same time, the authorities separately noted that by 2025, an effective mechanism for preventing systematic risks in the financial sector will be created in the province.
According to the five-year plan, the government will promote the growth of the number of financial organizations in the region, as well as attract strategic investors to it, in addition, the province intends to create a multi-level capital market, as well as mechanisms for connecting the financial sector of the region with offshore markets of China and foreign countries, as well as foreign exchange markets.
The published document states that Hainan should become an experimental zone for testing cross-border payments using the digital yuan. The region intends to create a carbon market, develop "green finance" to ensure environmental projects and environmental protection activities, encourage investment in this sector, as well as promote investment in projects to respond to climate change.
Among the priorities identified are assistance in financing projects in the aerospace and aviation sectors, water transport and consumer lending. Another priority area is servicing the real sector of the economy, especially projects in the field of tourism and other services. In addition, regulators should develop a policy on providing financial services to high-tech enterprises, resident companies of technology parks, clusters and experimental zones located on Hainan.