EXPANDING FINANCIAL OPENING-UP

The Hainan free trade port will take the lead in expanding the opening-up of the financial service sector, which entails support for setting up trading venues for financial products related to energy, shipping and commodities, said Pan Gongsheng, vice governor of the People's Bank of China.

China will also strengthen financial support to promote the scale of industrial agglomeration and enhance the industrial competitiveness of major industries in Hainan, as well as innovating and developing trade finance, consumer finance, green finance and technology finance.

Financial policies will serve cross-border trade, Pan said, adding that the capital exchange for trade in goods and services should be highly facilitated, and the policies regulating new trade patterns, such as offshore trade and entrepot trade, should be improved.

SUPPLEMENTING RATHER THAN REPLACING HONG KONG

Concerns that the Hainan free trade port will undermine Hong Kong's status as a global financial, trading and shipping center were dismissed Monday by Lin Nianxiu, deputy director of the National Development and Reform Commission.

With different orientations and priority industries, Hainan and Hong Kong are more complementary than competitive, Lin said at a press conference.

The country will work to promote the joint development of Hainan and the Guangdong-Hong Kong-Macao Greater Bay Area and ensure Hong Kong's long-term prosperity and stability, Lin noted.

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