Hainan issued the "14th Five-Year Development Plan for the Financial Industry of Hainan Province" on Oct 23, proposing to establish a financial system suitable for a high-level free trade port by 2025, a financial window focusing on the Indian and Pacific Oceans, and a financial service center focusing on South Asia and Southeast Asia.
By 2025, the province plans to increase the added value of the financial industry to more than 100 billion yuan ($15.7 billion) and make the financial industry account for 10 percent of the province's GDP.
During the 14th Five-Year Plan period (2021-25), Hainan will accelerate the opening-up of the financial industry, encouraging overseas financial institutions to set up operations in Hainan and building a Hainan free trade multi-functional account system.
In order to promote the innovation of financial businesses, Hainan plans to launch digital RMB pilot zones across the island and explore the application of digital RMB.
In addition, Hainan plans to build an international commodities clearing house and an international intellectual property exchange to promote the development of trading venues for energy, shipping, property rights, equity, and bulk commodities.
In the next five years, Hainan will also promote the facilitation of cross-border trade in goods and services, set up new international trade settlements, and accelerate the creation of a new regional offshore international trade center.
