Sanya to build intl financial center

Sanya will soon launch a world-class city landmark – the Sanya International Financial Center, according to a global press conference recently.

According to attendees at the press conference, Sanya is expected to become another financial center in China due to the beneficial policies offered at Hainan Free Trade Port as well as others advantages that make the city particularly well-suited to take on such a role.

The Sanya International Finance Center was designed by internationally-renowned architecture institute Woods Bagot and is based on other famous international financial centers. It will cover a total area of 57,700 square meters and have a total investment of over 5 billion yuan ($774.5 million).

With a focus on securities, funds, exchanges, insurance and other financial industries, the center will serve as a core area of the financial industry, a comprehensive business area as well as a commercial and cultural pedestrian street. It will also serve as a pilot financial zone to build an innovative financial cluster of Hainan FTP.

Chen Mo, deputy director of the Sanya central business district administration, said that, due to the Hainan FTP, it's Sanya's responsibility to explore the facilitation and liberalization of trade and investment. Therefore, Sanya International Financial Center will focus on two core industries - trade and investment.

After its completion, more than 100 well-known domestic and foreign enterprises are expected to set up operations in the area, leading to an annual output value of about 30 billion yuan.