HAIKOU, November 3. The Sanya International Asset Trading Center which began operating on November 1 will be an important part of Hainan's free trade port project, according to the local newspaper "Hainan Daily".
This center, according to the head of the Provincial Treasury Department Chen Yang, will cover domestic needs, expand openness to the outside world, link Chinese financial institutions with foreign assets, and integrate the digital economy with real financial and scientific and technical sectors. The work of the center, he said, will become a kind of driving force for increasing international exchanges, the movement of goods and capital.
The Sanya center also became the country's first tourism asset trading platform, the newspaper writes. The work in that direction will promote closer cooperation between companies providing services for logistics, accommodation, organization of tours and food for tourists.
The creation of new financial instruments and platforms is an important part of setting up a free trade port in the province. A new stage began after the publication of the program for its development on June 1. According to the document, Hainan will be turned into a special customs zone. The Chinese government expects to complete the creation of Hainan's free port by 2025: by this time, a system for ensuring free trade and investment should be established on the island.
By 2035, the free port and its model will become more solid. By this time, it is planned to ensure freedom of trade and investment on Hainan, cross-border movement of capital, entry and exit of people, freight traffic.
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