China Announces Further Financial Support for Hainan’s Reform and Opening Up

On 30 March, the People’s Bank of China , the China Banking and Insurance Regulatory Commission , the China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly released a plan outlining financial support for the comprehensive deepening of reform and opening up in Hainan. The purpose is to formulate a financial policy and institutional framework suitable for the development of Hainan Free Trade Port. It detailed 33 measures in six areas, including raising the level of renminbi convertibility, refining Hainan’s financial market system, expanding the opening of the financial sector, strengthening the innovation of financial products and services, enhancing the level of financial services, and beefing up financial supervision.

Source: People’s Bank of China