Hainan Province issued the "Fourteenth Five-Year Development Plan for the Financial Industry of Hain

The General Office of the People’s Government of Hainan Province issued the “Fourteenth Five-Year Development Plan for the Financial Industry of Hainan Province” (referred to as the “Development Plan”) on the 23rd. Featured digital RMB application scenarios in the Free Trade Port.


The full text is as follows


The "14th Five-Year Plan" Development Plan for the Financial Industry in Hainan Province


Foreword


The "14th Five-Year Plan" period is a period of major strategic opportunities for the Hainan Free Trade Port and a critical period for the development, transformation and upgrading of the financial industry in Hainan. The Hainan Free Trade Port Law, the Central Committee of the Communist Party of China and the State Council’s Guiding Opinions on Supporting Hainan’s Comprehensive Deepening of Reform and Opening-up, the Overall Plan for the Construction of Hainan Free Trade Port, and the Opinions on Financial Support for Hainan’s Comprehensive Deepening of Reform and Opening-up, and other important laws and documents are the guidelines , Accelerate the pace of reform and opening up, effectively serve the development of the real economy, build a modern financial service system suitable for the development of the Hainan Free Trade Port, strictly abide by the bottom line of financial risk prevention and control, and strive to achieve leapfrog development.


This plan was prepared in accordance with the "Fourteenth Five-Year Plan for National Economic and Social Development of Hainan Province and the Outline of Long-Term Goals for 2035", and aims to put forward the guiding ideology, development goals, policy directions and implementation paths for the development of Hainan’s financial industry. Clarifying the work priorities and important measures for the development of the financial industry of the Hainan Free Trade Port is the guiding opinion for the development of the financial industry in Hainan in the next five years.


The implementation period of this plan is from 2021 to 2025.


Chapter One Development Environment


During the "13th Five-Year Plan" period, our province has thoroughly implemented the decisions and deployments of the Party Central Committee and the State Council on financial work. Under the correct leadership of the Provincial Party Committee and the Provincial Government, the development of the financial industry has achieved remarkable results, which is a development plan for the "14th Five-Year Plan". Laid a good foundation. In the new historical development period, Hainan’s financial industry should actively respond to environmental changes and risk challenges at home and abroad, seize the critical period and opportunity for reform and innovation, consolidate the foundation, make up for shortcomings, highlight the function of Hainan’s free trade port, and continue to strengthen services The real economy and trade investment and financing liberalization and facilitation capabilities will better facilitate the construction of a free trade port with Chinese characteristics.


1. Main results


The overall strength of the financial industry has steadily increased. In 2020, the province's financial industry will achieve an added value of 39.79 billion yuan, accounting for 7.19% of the province's GDP, an increase of 61.09% compared to 2015 (the end of the “Twelfth Five-Year” period). In 2020, the province's financial industry tax revenue was 6.073 billion yuan, accounting for 5.77% of the province's total tax revenue. At the end of 2020, the province’s financial institutions’ domestic and foreign currency deposit balances and loan balances were 1031.245 billion yuan and 998.172 billion yuan, an increase of 35.03% and 50.09% respectively over the end of 2015. In 2020, the total assets of banking financial institutions are 1,403.072 billion yuan, an increase of 21.21% over 2015. As of the end of 2020, there were 577 first-level branch financial institutions, provincial-level licensed financial institutions, and “7+4” local financial institutions such as banks, insurance, securities, and futures in the province, an increase of 153 compared with 2015, an increase of 36.08 %. The number of financial professionals was more than 81,000, an increase of 20.48%. The financial industry has become an important driving force for the high-quality economic development of our province.



The ability to serve the real economy has been significantly enhanced. In 2020, the province's social financing scale will increase to 97 billion yuan, and the full-scale cross-border financing leverage ratio will increase by 2.5 times. The RMB loans issued by banking financial institutions to the real economy increased by 65.4 billion yuan, accounting for 67.4% of the social financing scale. At the end of 2020, the province's balance of loans to small and micro enterprises was 118.2 billion yuan, and the weighted average interest rate of loans to small and micro enterprises for the year was 5.4%, a decrease of 50 basis points from the same period last year. In 2020, 32 listed companies in the province have raised a total of 19.9 billion yuan in the capital market. In 2020, the insurance industry will achieve 20.6 billion yuan in premium income, and the total assets of insurance companies will reach 369.4 billion yuan. Insurance coverage continued to expand, and the insurance density increased by RMB 179.2 per person over the previous year. The country’s first land rental asset securitization product was issued, and the country’s first provincial-level talent rental housing REITs (real estate investment trust funds) were established. The filing of large-amount certificate of deposit issuance plans for local corporate financial institutions achieved zero breakthroughs. Provide direct financing and indirect financing services for key enterprises, key parks and industries, as well as small, medium and micro enterprises, and promote the steady development of the province's industrial economy. Establish a financing guarantee fund in Hainan Province to improve the government financing guarantee system.


The rapid development of cross-border financial business. As of the end of 2020, Hainan's FT account (free trade account) funds receipts and payments reached 31.33 billion yuan, a year-on-year increase of 130%, and the number of high-quality FT account customers increased to 113. In 2020, the province's banking financial institutions handled 37.25 billion yuan of cross-border RMB receipts and payments, and the first full-featured cross-border two-way RMB fund pool for FT accounts successfully landed in our province. For the first time, banking financial institutions in our province handled FT account full-featured fund pools, RMB interbank current accounts, and cross-border transfer of domestic trade financing assets in RMB settlement. 10 commercial banks have provided FT account financial services, with business scope covering the whole province. The QFLP and QDLP pilots were quickly promoted. QDLP was approved for a pilot quota of US$5 billion, opening up a cross-border channel for funds from the Hainan Free Trade Port. The new type of offshore international trade has made breakthrough progress. In 2020, the province's new type of offshore international trade revenue and expenditure will exceed 1.8 billion US dollars, which is about 11 times the total revenue and expenditure in 2019. The business involves Singapore, Brazil, Australia and Bangladesh. And other countries and regions. Take the lead in implementing the payment facilitation project for inbound tourists in the country, realizing the facilitation of mobile payment for inbound tourists from Hong Kong and Macau. Expand the scope of credit assets that can be transferred across borders and the scope of participating institutions, cancel the foreign debt registration system for non-financial enterprises, and launch 11 foreign exchange reform and innovation businesses. The ability of financing liberalization and facilitation has been significantly enhanced.


The people's livelihood protection function has been continuously strengthened. During the epidemic prevention and control period, financial institutions across the province fully supported the resumption of work and production of enterprises, through credit "green channels", optimized approval procedures, designed special credit products for resumption of work and production, strengthened the use of financial technology, customized differentiated financial services, preferential interest rates, and handled A number of "combined punches" such as loan extensions provide financial "running water" for the real economy. The balance of loans for the health and social work industries, agriculture, forestry, animal husbandry and fishery, and tourism, culture and entertainment industries that were greatly affected by the epidemic increased by 36.3%, 19.2%, and 17.3% year-on-year. It is the first country to launch a comprehensive insurance for the prevention and control of epidemics in enterprises that resume work and resume production to provide risk protection for enterprises to resume work and resume production. The role of agricultural insurance in protecting risks has increased, product innovation has accelerated, and the application of the "insurance + futures" model in rubber and pigs has been actively promoted to give full play to the important role of protecting the income of poor entities and promoting the development of the agricultural industry. Issued the “Implementation Plan for Targeted Poverty Alleviation by Hainan Insurance (Trial)”, targeting at 477,000 poor people in the province’s establishment by the end of 2015, including agricultural insurance, supplementary medical insurance for major illnesses, rural housing insurance, family life insurance, and small loans for poverty alleviation A number of insurance poverty alleviation policies, including guarantee insurance, provide strong financial support for the province’s poverty alleviation.


The financial business environment continued to be optimized. During the "Thirteenth Five-Year Plan" period, policies and measures such as "Several Opinions of the People's Government of Hainan Province on Accelerating the Development of Modern Financial Service Industry" were issued, and a policy system commensurate with the requirements of the province's financial reform and innovation development was initially established. The construction of the credit information sharing platform has achieved results, achieving basic functions such as credit information collection, data cleaning, and credit publicity, as well as applications such as joint rewards and punishments, credit warning, and "Xinyi+". Public announcement and filing Hainan Yedu Lixin Credit Service Co., Ltd. and Jinyu Credit Service (Hainan) Co., Ltd. filled the gaps in credit rating and credit reporting agencies. The environment for accepting non-cash payments has continued to improve, and the number of non-cash payment transactions handled throughout the year has increased significantly compared with the end of 2015. The protection of financial consumption rights and interests has achieved remarkable results. The "Hainan Provincial Free Trade Pilot Zone Financial Consumer Rights Protection Association" was formally established, and the "12363 Call Center" was established. Substantial progress has been made in the establishment of a diversified financial consumption dispute resolution mechanism in the jurisdiction.


Two, there are problems


The overall scale of the financial industry is relatively small. The number of entities in the financial market and the scale of business are obviously insufficient. Market entities have not yet been established in areas such as trust and consumer finance. The scale of social financing is at a lower level in the country. The shortcomings of the financial industry urgently need to be made up.


The structure of the financial market is not balanced. The traditional deposit and loan business of banks and other financial institutions is the mainstay. Financial institutions and business types are traditionally single, indirect financing dominates, and new financial products and business support are lacking. The proportion of direct financing in the securities market is small, and the development of the capital market is lagging behind. Financial intermediary service agencies such as accounting firms, law firms, and appraisal agencies are lacking, and the financial factor market and infrastructure are imperfect.


Insufficient financial innovation capabilities. At present, a large number of financial institutions in our province are branches, not independent legal entities, and their authority is relatively insufficient. Financial products are relatively single, the efficiency of market allocation of financial resources is not high, and the ability to absorb foreign capital is not strong. The quality of foreign capital utilization urgently needs to be improved. The supply of financial products suitable for the development of the financial system of the Hainan Free Trade Port is seriously inadequate.


There is a shortage of financial talents. There are relatively few high-level financial scientific research and educational institutions in our province, and the foundation for training financial talents is weak, and the ability to attract high-level financial talents from outside is insufficient. The overall level of financial talent development in Hainan still lags far behind that of developed countries and economically developed provinces and cities in the Mainland, and it does not match the new requirements of the financial reform and development of the Hainan Free Trade Port.


3. Development opportunities


A historical opportunity to build a free trade port in Hainan. Hainan's exploration of building a free trade port with Chinese characteristics is a major reform and opening-up initiative that General Secretary Xi Jinping personally planned, deployed, and personally promoted. It is a strategic decision made by the Party Central Committee with in-depth research, overall consideration, and scientific planning, focusing on both domestic and international situations. The construction of the Hainan Free Trade Port is a major development opportunity that is rare in the history of our province. Under the strategic positioning of "three districts and one center", the province’s financial industry should boldly innovate and take the initiative to create a financial open and innovative highland that is compatible with the highest level of openness of the free trade port, especially in serving the real economy, promoting trade and investment Liberalization and facilitation aspects. Since the release of the “Overall Plan for the Construction of Hainan Free Trade Port”, Hainan’s financial industry has accelerated the pace of innovation in opening up to the outside world, the two-way opening of the financial market has been continuously upgraded, trade and investment have become more liberalized and facilitated, and the ability of financial services to serve the real economy has been significantly enhanced. The financial industry has ushered in unprecedented development opportunities.


The international economic environment is facing major changes. The world today is undergoing a new round of major development and major changes. On the one hand, the global economy is in a long-cycle downward period, economic growth momentum is declining, trade frictions are intensifying, and new development ideas and new international cooperation models are urgently needed; on the other hand, major development and major changes represent Unprecedented changes in a century, technical fields such as communication technology, digital technology and other fields have entered a critical window period, and new industrial chains and industrial opportunities are taking shape. Thanks to its orderly and efficient social mobilization and organizational capabilities, China’s economy has taken the lead in getting out of the shadow of the epidemic, and adhered to the policy tone of opening to promote reforms, joined the Regional Comprehensive Economic Partnership Agreement (RCEP), and continued to deepen its ties with the international market. As an important frontier window for China’s opening up, Hainan Free Trade Port is at the forefront of my country’s development towards ASEAN. It is ushering in important development opportunities and windows in strengthening cooperation with the Guangdong-Hong Kong-Macao Greater Bay Area, the “Belt and Road”, Southeast Asia and other regions.


The high-quality development of the domestic economy is moving forward steadily. At present, my country has become the main driving force of global economic growth. Economic development resilience has continued to increase, development quality and efficiency have been continuously improved, and the long-term economic fundamentals and overall situation have been continuously strengthened. The new development pattern promoted is being formed at an accelerated pace. To make a series of special policy arrangements in terms of market access, financial system, and tax incentives, and build a Hainan Free Trade Port that meets high-standard development requirements. This will become a concrete practice for my country to open up domestic and international markets and promote the domestic and international dual cycle. . Through deepening financial supply-side structural reforms, expanding financial opening up and innovation, optimizing the financial business environment, continuing to increase support for key areas such as cross-border finance, green finance, and technology finance, and accelerating quality reform and efficiency for the province’s financial industry Reforms and dynamic changes have provided favorable conditions for comprehensively improving the ability to serve the real economy and the liberalization and facilitation of trade investment and financing.


Financial technology innovation ushered in breakthrough progress. Thanks to long-term technological research and development and the stimulation of Internet dividends, data technology is facing a larger-scale application, and digital technology and data have been incorporated into the scope of production factors. Based on the application of data technology, the service model and service efficiency of the financial industry will undergo major changes. The "Opinions on Financial Support for the Comprehensive Deepening of Reform and Opening-up in Hainan" (Yinfa [2021] No. 84) clearly pointed out that the development of technology finance should be supported, new models of technology finance should be explored, and technology finance policies, products and tools should be improved. With the collection and use of financial business-related data, the financial ecology is undergoing profound reconstruction, and financial technology has become a major variable affecting the global financial industry layout.


Green and sustainable development has become a consensus. The "Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Hainan's Comprehensive Deepening of Reform and Opening-up" stated that Hainan must firmly establish and practice the concept that green waters and green mountains are golden mountains and silver mountains. The National Ecological Civilization Pilot Zone and the International Tourism Consumption Center have become important strategic positioning of Hainan, and a large amount of green financial demand has been generated during the construction of a green economy with the goal of "carbon peaking" and "carbon neutrality". The "Opinions on Financial Support for the Comprehensive Deepening of Reform and Opening-up in Hainan" (Yinfa [2021] No. 84) encourages green financial innovation to be piloted in Hainan and strengthen the protection of the ecological environment. Guide funds to gather in energy conservation, environmental protection and green industries, and promote the green upgrade of Hainan's financial system and the sustainable development of finance itself.


New achievements have been made in the work of financial talents. Through the promulgation of the "Action Plan for Millions of Talents Entering Hainan", "Hainan Free Trade Port High-level Talent Classification Standards (2020)", "Hainan Free Trade Port High-level Talent Identification Measures", and Hainan Province's Implementation Measures for the Employment and Placement of Introduced High-level Talent Spouses (for Trial Implementation) )" and many other special policies for talents, training and introducing urgently needed high-level talents, the total amount of talent resources and the number of talents introduced have been comprehensively increased, and an internationally competitive talent system is being formed. The environment facing financial talents in career, policy, service, and life is constantly optimized. The accelerated introduction, cultivation and gathering of financial talents will provide a strong impetus for the sustained and innovative development of finance in our province.


Chapter II General Requirements


1. Guiding ideology


Persist in the Party’s overall leadership over financial work, thoroughly implement the spirit of General Secretary Xi Jinping’s "April 13" important speech, and use the "Law of the People’s Republic of China on Hainan Free Trade Port" and "Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Hainan’s Comprehensive Deepening of Reform and Opening-up". Important laws and documents such as the Overall Plan for the Construction of Hainan Free Trade Port and "Opinions on Financial Support for the Comprehensive Deepening of Reform and Opening-up in Hainan" are the guidelines, earnestly implement the provincial party committee and the provincial government’s deployment requirements for financial work, base on the new development stage, and implement the new development Philosophy, with the purpose of serving the real economy, the integration and innovation of the financial system as the driving force, the deepening of the financial supply-side structural reform as the main line, the promotion of high-quality development of the financial industry as the theme, the promotion of trade and investment liberalization and facilitation, and efforts to solve financial institutions , Product innovation, market cultivation, opening to the outside world and other key areas of development shortcomings, continue to optimize the financial business environment, promote the flow of financial elements, improve the efficiency of financial element allocation, promote the deep integration of finance and industry, and accelerate the formation of a new financial development in Hainan Free Trade Port The structure provides a strong financial guarantee for the construction of a free trade port with Chinese characteristics.


2. Basic principles


(1) Insist on the combination of laying a good foundation and doing foot functions.


Comprehensively and objectively understand the current foundation and shortcomings of the financial industry development in the province, based on reality, practice internal skills in the areas of financial institution organization system, products and services, financial markets, financial infrastructure, innovation capabilities, etc., and do a good job in the free trade port. The financial function lays a solid foundation for the steady and long-term development of the financial industry of the Hainan Free Trade Port.


(2) Adhere to the combination of scientific layout and regional characteristics.


Scientifically plan the spatial layout of the financial industry in the province, realize the differentiated development of the financial industry in cities, counties, and key parks such as Haikou, Sanya, etc., combine industry directions to form financial characteristics in various regions, avoid homogenization of development, and promote the formation of a financial industry with "two ends with multiple points" Development pattern.


(3) Adhere to the combination of a foothold in the province and international benchmarking.


In-depth study of the experience and enlightenment of global advanced free trade ports in Hong Kong, Singapore, Dubai, London, and New York, draw lessons from advanced rules systems in financial opening, market innovation, regulatory reform, business environment, etc., and benchmark international first-class financial systems and regulatory rules.


(4) Adhere to the combination of systematic planning and step-by-step implementation.


Promote the reform of important areas and key links of the financial industry as a whole, and clarify the responsible body, implementation path and time node. Optimizing the development environment, according to the difficulty of the task, priority and actual needs, solid progress in phases and steps. Strengthen the relevant supporting construction of the financial service system of the Hainan Free Trade Port, and improve the overall deployment and communication capabilities.


(5) Adhere to the combination of integrated innovation and risk prevention and control.


Promote the integration and innovation of the financial system, and accelerate the formation of a benign institutional system that is not only conducive to financial innovation, but also takes into account risk identification and prevention. Improve the financial supervision system, classify guidance, implement policies based on the situation, and make breakthroughs in key areas, strengthen financial supervision and risk prevention, implement the main responsibility of financial institutions to prevent risks, and strengthen the intervention of judicial forces. On the premise of ensuring effective supervision and controllable risks, the financial opening and innovation will be promoted in a steady and orderly manner.


3. Development Positioning


Focusing on the liberalization and facilitation of service trade investment, focusing on the two major tasks of enhancing the financial function of the Hainan Free Trade Port and improving the financial ecological environment, focusing on Hainan’s characteristics, focusing on the development of trade finance, consumer finance, technology finance, green finance, and sea-related finance In the RCEP and CPTPP window period, we will play the role of the intersection of the domestic and international double cycles, relying on the huge mainland market, increasing financial opening and innovation for the two oceans, and striving to become a domestic enterprise "going out." ", the bridgehead for overseas enterprises to "bring in".


4. Development goals


(1) The overall goal.


Focusing on the goal of building a Hainan free trade port, insist on serving the real economy by financial services, build a sound financial factor market, continue to expand the opening of the financial industry to the outside world, accelerate financial reform and innovation, actively promote cross-border trade and investment and financing facilitation, and establish and improve financial risks The prevention and control system will initially establish a financial system compatible with high-level free trade ports by 2025. The main objectives are as follows:


——Build an internationally competitive financial institution system compatible with an open economy. Attract domestic and foreign banks, securities, insurance, funds and other financial institutions to land, promote the establishment of financial leasing, consumer finance, trust companies and other non-bank financial institutions, introduce accounting firms, law firms, evaluation agencies and other financial intermediary service institutions, and strive to form licenses A modern financial institution system with complete, reasonable structure and complementary functions.


——Improve the financial business and product integration innovation system that is compatible with the high-quality development of the real economy. Actively develop special financial services such as trade finance, consumer finance, technology finance, green finance, and ocean finance. Innovatively develop the real estate investment trust fund (REITs) business. Promote the application of the "Supervisory Sandbox". Carry out digital renminbi pilot projects across the island, explore application scenarios of digital renminbi with Hainan Free Trade Port characteristics, and create a digital renminbi ecosystem. Steadily explore the development of offshore financial business, and gradually cultivate the offshore RMB market in the Hainan Free Trade Port. Reasonably guide the flow of funds and reduce the cost of funds. Implement the inclusive financial service improvement project, build an inclusive financial demonstration zone, and build an inclusive financial system that matches the goal of achieving common prosperity.


——Enrich the factor market system that is in line with international conventions, rules and institutional systems. Accelerate the construction of the Hainan International Clearing House, build an international intellectual property exchange, and standardize the exploration of intellectual property securitization in accordance with laws and regulations. Promote the international development of trading venues for international energy, shipping, property rights, equity, and bulk commodities.


——Improve a new cross-border investment and financing system that is compatible with trade and investment liberalization and facilitation. Based on the existing domestic and foreign currency accounts and free trade accounts, we will build a basic platform for financial opening up in our province. Promote the facilitation of cross-border trade in goods, service trade, and new international trade settlements, and accelerate the creation of a new regional offshore international trade center.


——Expand a financial talent development system that matches the international financial system. The overall scale of financial talents has been expanded, the ability of talents has been significantly improved, a rich domestic and overseas financial talent introduction mechanism has been initially established, the service environment for financial talents has continued to be optimized, and the talent evaluation system and certification standards have been effectively implemented.


—— Deepen the guarantee system that is compatible with the high-quality development of the financial industry. Promote the establishment of financial courts and explore the establishment of diversified and convenient dispute resolution mechanisms such as financial mediation and financial arbitration that fully meet the needs of market entities in the Hainan Free Trade Port. Accelerate the establishment of a platform for domestic and foreign financial talents to participate in the construction of Hainan Free Trade Port. Promote the exploration of legislation in emerging areas such as financial innovation, make full use of the free trade port law, the legislative power of special economic zones, and the legislative power of local laws and regulations, and accelerate the promulgation of financial supporting regulations such as local financial supervision and management regulations.


—— Establish a risk prevention and control system that is compatible with the all-round opening up of the financial industry in our province. Accelerate the innovation of financial regulatory agencies and regulatory systems in cities, counties and key parks, and strengthen the responsibility of territorial financial risk prevention and disposal. Establish a financial supervision and coordination mechanism suitable for the construction of the Hainan Free Trade Port, and establish a sound financial risk monitoring, early warning, prevention and control system.


(2) Specific goals.



5. Development layout


(1) "Both ends with multiple points" to build a differentiated financial development pattern.


Scientifically plan the spatial layout of the province's financial industry, realize the differentiated development of the financial industry in cities, counties, and key parks such as Haikou, Sanya, etc., and promote the formation of a financial industry development pattern of "two ends with multiple points". All cities, counties, and key parks are based on actual conditions, focusing on trade and investment liberalization and facilitation, promoting free and convenient capital flow, serving cross-border trade investment and financing, and enhancing open economy service capabilities. Focusing on the two major tasks of strengthening financial functions and improving the financial ecological environment, focusing on the development of trade finance, consumer finance, technology finance, green finance, etc., strengthen the financial service guarantee capabilities of characteristic industries, enhance the service capacity and driving effect of the headquarters economy, and form a regionally distinctive Financial agglomeration area. Actively attract various entities such as fund management, trust, brokerage asset management, insurance asset management, family wealth management, credit rating, etc., and accelerate the formation of a cluster of financial elements such as asset management and cross-border asset transactions. Innovatively develop "tourism + finance", and promote financial innovation services such as tourism asset securitization, tourism consumer finance, and characteristic insurance. Encourage the innovation of RMB financial products and businesses facing the international market, and expand the scope of overseas RMB investment in Hainan's financial products. Deepen international financial cooperation and explore cross-border financial innovation.


(2) "Go in three steps" to establish a financial system compatible with the high-level Hainan Free Trade Port.


1. Make up the shortcoming stage (2021-2022).


Explore and initially establish the financial development direction and development model stage, and learn from the advanced financial experience of world-renowned free trade ports such as Hong Kong, Singapore and Dubai. Speed up the introduction and cultivation of high-quality financial talents. Strengthen the top-level design and serve the real economy, and formulate financial policies and effective measures with the characteristics of the Hainan Free Trade Port. Efforts should be made to make up for shortcomings, enrich financial formats and market players, improve the financial organization system, and explore the establishment of a financial system that matches the Hainan Free Trade Port, including financial supervision and risk prevention and control systems. In-depth implementation of the "Wanquan River Financial Unblocked Project" and "Special Action Plan for Cultivating Jianfengling Listed Companies". Vigorously promote financial innovation, promote legislative exploration and pilot trials in the financial sector, and deepen financial reform and opening up with institutional innovation as the core.


2. Consolidation and promotion stage (2022-2024).


Initially establish a stage of a multi-level financial system with the characteristics of the Hainan Free Trade Port, consolidate and promote the previous financial innovations, take the complete hardware conditions for the Hainan Free Trade Port’s customs operation as the lead, and gradually implement this plan and the implementation plans of various cities, counties, and key parks Hardware configuration; docking the "Guangdong-Hong Kong-Macao Greater Bay Area" and the "Belt and Road" countries along the financial cooperation model, accelerate the construction of a free trade account system, promote the sustainable development of various trading venues, and strive to introduce global financial institutions and talents to station, promote and Form a new financial format for a free trade port with Chinese characteristics.


3. Development and innovation stage (2024-2025).


At the start-up stage of the rapid development of the financial industry with all-round opening to the outside world, accelerate the reform and opening process, increase cooperation and exchanges with internationally renowned free trade ports, deepen complementary or in-depth cooperation with domestic financially developed provinces, cities and regions, and build rules and systems that are consistent with international practices A factor market system in line with mechanisms; new breakthroughs have been formed in key financial innovation fields such as QFLP, QDLP, new international trade, epidemic prevention insurance, rural revitalization insurance, and insurance futures. An open financial system has gradually taken shape, and financial formats have been enriched and improved to a greater extent. Actively promote the facilitation of cross-border investment and financing, promote the development of the offshore financial market, and provide efficient financial supporting services for the operation of the Hainan Free Trade Port after customs closure.


Chapter III Strengthen the function of Hainan Free Trade Port and build a solid foundation for the development of modern financial industry


1. Strengthen the financial organization system


Further increase the number of legal person financial institutions, and support legal person financial institutions in the province to introduce foreign strategic investors in accordance with laws and regulations. Support the introduction or promotion of the establishment of foreign-funded banks, trust companies, financial leasing companies, consumer finance companies, auto finance companies, legal person property insurance institutions, reinsurance institutions and other financial formats, strive to make up for the shortcomings of non-bank financial institutions, and continue to improve and enrich financial organizations system. Support the high-quality development of related funds in our province. Encourage qualified institutions to apply for the establishment of joint venture public fund management companies in our province in accordance with the law, and provide green channels for registration and filing of private equity investment funds investing in key areas such as Hainan Seed Industry, Modern Agriculture, and Aerospace Science and Technology. Support qualified foreign financial institutions to wholly own or hold shares in futures companies in our province. Encourage foreign investment in local asset management companies. Promote Hainan Bank to achieve internationalization, comprehensive and professional operations, and deepen the reform of the provincial rural credit cooperatives system and mechanism.


2. Create an international financial element trading market


Optimize the flow of financial elements and the allocation of resources, and accelerate the construction of the Hainan International Clearing House in accordance with laws and regulations. Accelerate the internationalization of international energy, shipping, property rights, equity and other trading venues, promote non-residents to participate in factor market transactions and fund settlements in accordance with regulations, gradually expand the scale of transactions and increase industry influence, and develop differentiation in line with the reality of our province , Internationalization and groupization of the factor market system to improve the quality and efficiency of financial services. In terms of membership, transactions, taxation, clearing, delivery, and investor rights protection, establish rules and systems that are in line with international practices. Strengthen the interconnection with internationally renowned free trade ports such as Hong Kong Special Administrative Region, Singapore and Abu Dhabi.


3. Cultivate a multi-level capital market


Expand the scale of direct financing, support listed companies in the province to use the multi-level capital market to carry out direct financing, mergers and acquisitions and reorganizations, support the issuance of corporate bonds, corporate bonds, convertible bonds, innovation and entrepreneurship bonds, asset securitization, etc., and enhance financial access Function. Implement the listed company cultivation project, establish a reserve resource database of listed companies divided by levels, industries, and echelons, and vigorously attract high-quality companies that meet the key industry positioning of the Hainan Free Trade Port, have good development prospects, have market competitiveness, and have standardized corporate governance. Library. Scientifically guide enterprises to list on the Main Board, ChiNext and Science and Technology Innovation Board according to their own development status, support start-up and innovative small and medium-sized enterprises to be listed on the NEEQ, and encourage qualified innovative small and medium-sized enterprises to be listed on the Beijing Stock Exchange. Support the listing of small, medium and micro enterprises in the Hainan Equity Exchange Center. Integrate financial resources and state-owned capital in the province, optimize the layout of state-owned financial capital, expand and strengthen local state-owned financial capital, establish provincial-level financial holding companies, introduce market funds, and establish provincial-level corporate credit reporting companies. Give full play to the role of government investment funds such as the Hainan Free Trade Port Construction Investment Fund. Promote enterprises to raise overseas funds through various methods such as overseas listing and issuance of bonds.


Chapter IV Expanding Opening to the Outside World, Liberalization and Facilitation of Service Trade Investment


1. Accelerate the all-round opening up of the financial industry


Expand the opening up of the banking industry, encourage overseas financial institutions to settle in Hainan, and support the establishment of Sino-foreign joint venture banks. Support our province's banking legal person institutions to introduce qualified overseas strategic investors, improve the equity structure, improve corporate governance, and further increase the degree of opening up of our province's banking industry to the outside world. Establish a fast channel for banking access matters, scientifically and rationally optimize the approval process, and strengthen the implementation of the time-limited settlement system for access matters. Accelerate the implementation of the Hainan Free Trade Port Law stipulating that approved financial institutions in the Hainan Free Trade Port can conduct offshore financial services through designated accounts or in specific areas. Allow the head offices of Chinese-funded commercial banks that have obtained offshore banking qualifications to authorize branches in Hainan Free Trade Port to conduct offshore banking services. Expand the opening up of the insurance industry, and strengthen research on the in-depth cooperation between the Hainan Free Trade Port and the insurance market in Hong Kong and Macau.


2. Facilitate cross-border investment and financing


Establish a multi-functional account system for Hainan free trade, carry out various innovative pilot services in areas such as cross-border trade, cross-border investment and financing, cross-border fund management, and cross-border supply chain, continue to improve convenience, and expand the number of FT account opening entities And the scale of revenue and expenditure. Improve the level of facilitation of cross-border trade capital flows, clarify the rules for personal cross-border transactions, study the further convenience of Hainan residents' personal foreign exchange use, and realize the free and convenient flow and exchange of funds. We will further expand the scale of QFLP and QDLP business pilots, facilitate all-round overseas capital investment in Hainan's PE and VC markets, and further meet the global asset allocation needs of domestic investors. Simplify the management model of cross-border direct investment transactions, implement macro-prudential management of cross-border financing, and increase support for cross-border financing by enterprises under the premise of meeting conditions and laws and regulations. Further exert the functions of financial supervision and coordination services, accelerate the reform and innovation of the financial system, and make every effort to build a new platform for the financial opening up of our province.



3. Accelerate the innovation of cross-border financial services


Encourage the innovation of RMB financial products and businesses facing the international market, and expand the scope of overseas RMB investment in Hainan's financial products. Under the premise of compliance with laws and regulations, the province's market entities are allowed to issue RMB-denominated bonds and other products abroad to introduce overseas RMB funds, focusing on supporting the development of high-tech, medical and health, tourism, exhibition, and transportation industries. Steadily expand the scope of cross-border asset transfers. Under the framework of macro-prudential management, in accordance with the principles of risk control and scale adjustment, pilot projects in the Hainan Free Trade Port to expand the scope of credit assets that can be transferred across borders and the scope of participating institutions. Explore pilot projects for cross-border asset management business, and support foreign investors to invest in asset management products issued by financial institutions in the Hainan Free Trade Port. Innovatively develop insurance business, support qualified insurance institutions to set up insurance asset management companies in our province, and issue RMB-denominated asset management products overseas under the premise of independent accounts and risk isolation. Support qualified insurance institutions in our province to carry out overseas investment business and promote the two-way opening of the financial market. Vigorously promote cross-border financial innovation, and further open up the docking and cooperation path of domestic and foreign currencies, domestic and overseas, onshore and offshore markets.


Chapter 5 Plan innovative features and seize new opportunities for financial transformation and upgrading


1. Promote the deep integration of technology and finance


Support the development of technology and finance. Under the premise of compliance with laws and regulations and control of risks, the province's legal person financial institutions are encouraged to strengthen cooperation with venture capital institutions, explore new models of technology finance, strengthen financial innovation in the fields of deep sea technology, aviation technology, and aerospace technology, and enrich technology and financial policies , Products and tools. Carry out a digital RMB cross-border payment pilot program to explore ways to improve the efficiency of cross-border payment at the Hainan Free Trade Port. Build an intelligent product system, service system, personnel training system, assessment and incentive system, and risk management and control system, relying on digital systems, big data, cloud computing and other technological means to achieve intelligent and lightweight upgrades of financial institutions. Strengthen the innovative application of financial technology, support the development of financial technology innovation business pilots, and realize the deep integration of technology and financial services. Accelerate the development of supply chain finance, promote the application of cross-border payment big data, and enhance the digital level of the financial industry. Optimize financial technology infrastructure, systematically deploy financial technology infrastructure construction with big data as the core, explore data-driven financial service model innovation, and gradually build an independent and controllable financial big data industry ecosystem. Actively participate in the formulation of international rules for cross-border data flows, and establish standards and rules for data verification, data transactions, data security and blockchain finance in Hainan Province. Support the construction of Hainan's national blockchain technology and industrial innovation development base.


2. Innovating green finance development mechanism


Based on the positioning and characteristics of the national ecological civilization experimental zone, benchmarking the highest-level green financial standard system, building a complete green ecological system, and supporting the realization of the province's "carbon peak" and "carbon neutral" goals. Attract domestic and foreign green financial institutions to gather and accelerate the establishment of a unified and standardized multi-level green financial market. Improve green certification, information disclosure, rating and other rules, promote the innovation of green financial products, and guide green investment groups to invest in low-carbon fields such as new energy and green buildings. Encourage financial institutions to innovate green credit products, and actively research and develop green credit products suitable for energy conservation, emission reduction, and comprehensive utilization of resources, such as energy efficiency loans and special loans for energy conservation and emission reduction. Support legal person banks to issue green financial bonds and make good use of central bank carbon emission reduction support tools. Support insurance funds provide long-term and stable financial support for key green projects. Support the issuance of green bonds by enterprises and encourage the securitization of green credit assets. Explore the pilot experience of using the central bank's digital renminbi to promote green consumption. Develop the carbon finance market, encourage green financial innovation to be piloted in our province, increase investment and financing support for climate change, and help the construction of a national ecological civilization pilot zone.


3. Vigorously develop special financial formats such as trade finance and consumer finance


Optimize cross-border trade exchange, settlement, financing, guarantee, risk management and other services, innovate and apply more convenient and efficient payment tools and methods, promote cross-border trade in goods, services and new international trade settlement facilitation, and promote the upgrading of trade financial services. Introduce well-known domestic and foreign banks and financial institutions with advanced experience in cross-border fund settlement to establish branches and business outlets in Qiong, and provide comprehensive services including risk hedging, insurance, financing, supply chain finance, accounting, auditing, etc. for the development of new offshore international trade. Services to improve the level of offshore trade financial services. Accelerate the development of consumer finance scenes, expand the long-tail market, small high frequency and other subdivided consumer scenes, and form a refined consumer finance development model. Encourage consumer finance companies to develop specialty consumer financial products based on their own advantages, use financial technology to carry out exploration and innovation, and continuously enrich the types of consumer financial products and services. Improve the construction of consumer finance infrastructure, use big data, artificial intelligence and other financial technologies to promote the construction of smart risk control and credit reporting systems, and explore and promote the central bank credit reporting system and Internet consumer finance platform systems to realize credit information sharing and optimization based on "available and invisible" Consumer financial credit environment. In terms of financial support, tax incentives, and simplifying the approval and registration procedures of new financial institutions, we will increase support for new financial formats. Strengthen cooperation between traditional financial organizations and new financial organizations, and optimize and improve the entire financial industry chain.


4. Support the development of aerospace, aviation, shipping, and maritime finance


Optimize the market access environment in the commercial aerospace sector in our province, and establish a commercial aerospace development mixed-ownership reform fund funded by social capital and market-oriented operation. Encourage insurance institutions to carry out related insurance businesses in the aerospace sector under the premise of compliance with laws and regulations and under control of risks. Encourage social capital to invest in general aviation, jet fuel protection, aircraft maintenance services and other fields to release new momentum for the development of aviation finance. Accelerate the implementation of policies such as tax reduction and fee reduction, registration of foreign claims for aircraft offshore leasing, facilitation of medium and long-term foreign debt, and optimization of SPV management and control models. Vigorously develop the shipping finance industry, use the Hainan Free Trade Port shipping and financial opening policies to promote institutional innovation in the fields of international ship registration, international shipping taxation, shipping finance and ship leasing, broaden ship financing channels and models, and realize the innovative development of shipping insurance. Promote the diversified development of shipping finance. Under the premise of compliance with laws and regulations and controllable risks, we will guide social capital such as port and shipping companies and financial institutions to support the development of sea-related technology enterprises in a market-oriented manner. Encourage financial institutions to increase financial innovation and develop more marine financial products and services that meet the needs of marine economic development.


5. Continue to implement inclusive finance


In terms of credit resource tilt, credit policy support, improving loan timeliness, and optimizing credit products, it has innovated financial system mechanisms and business models that serve the "agriculture, rural areas and farmers". Encourage cities and counties to develop financial support for the construction of demonstration zones for rural revitalization, conduct evaluations of financial institutions for rural revitalization financial services, and promote financial support for rural revitalization. We will do a good job in financial services for new agricultural business entities, and ensure the allocation of more financial resources from the top-level design to key areas and weak links such as "agriculture, rural areas, and farmers" and "small and micro". Focusing on modern agricultural core enterprises, using financial technology to develop online and offline agricultural supply chain financial services, and striving to expand financial services for upstream and downstream customers of core enterprises. Improve agricultural insurance policies, improve agricultural insurance service capabilities, optimize agricultural insurance operating mechanisms, and promote the high-quality development of agricultural insurance. Strengthen research on agriculture, forestry, animal husbandry, fishery, service industries, agricultural cultural tourism and other supporting industries with regional characteristics, develop characteristic financial products that adapt to the characteristics of small and medium-sized agriculture-related small and medium-sized enterprises in the county, and implement capacity improvement projects for small and micro enterprises. Actively develop innovative financial products for inclusive agriculture, rural areas, and small and medium-sized enterprises, promote the integrated development of technology finance, green finance and inclusive finance, strengthen financial support, consolidate and expand the achievements in poverty alleviation, and fulfill social responsibilities. Supplement the funding sources of the provincial financing guarantee fund through multiple channels, and give full play to the credit enhancement function of government guarantee institutions for small and micro enterprises, "agriculture, rural areas and farmers" and innovation and entrepreneurship entities. Strengthen the construction of rural financial infrastructure and increase support for the protection of the rights and interests of rural financial consumers.


Chapter VI Strengthen industrial finance and serve the high-quality development of the real economy


1. Deepen "Finance + Tourism"


Vigorously expand investment and financing channels for the tourism industry, and strengthen financial support and services for the tourism industry. Support the tourism industry to directly finance through capital markets such as listing and issuance of bonds. Innovate the investment and operation model of tourism industry funds, and extensively absorb social and private capital and financial capital. Encourage financial institutions to innovate in financing mortgage methods and increase the supply of pledged accounts receivable and credit-type credit products. Explore the implementation of loan subsidy policies for key characteristic tourism projects. Promote market-oriented mergers and acquisitions in the tourism industry, increase the efficiency of high-quality resource integration, and form a multi-level tourism industry investment and financing system. Optimize international tourism financial products and services, create tailor-made and personalized financial products for cross-border tourism, and provide more convenient, efficient, and diverse financial services.


2. Deepen "Finance + Modern Service Industry"


Focus on the Boao Lecheng International Medical Tourism Pioneer Zone, and strengthen financial support for health industries such as health care and medical care. Encourage insurance institutions to strengthen innovation, further enrich health insurance products, improve insurance services such as medical and health, pension and health care, and develop special insurance products that meet the needs of Hainan. Explore the establishment of commercial medical insurance services linked to the international commercial insurance payment system, and support insurance financial institutions to cooperate with overseas institutions to develop cross-border medical insurance products. Strengthen financial support for the development of the logistics industry, vigorously develop supply chain finance, and extend financing services in bonded warehousing, international logistics and distribution, transit trade, and bulk commodity trade. Improve marine financial service capabilities, explore and promote the construction of marine financial institutions, and develop financial products and services with marine characteristics. Give full play to the functions of the financial service platform of the Hainan Free Trade Port, break the financing bottleneck caused by insufficient credit of cultural, sports and tourism enterprises and information asymmetry with financial institutions, and improve the industrial financial service system. Optimize the financing structure of the culture, sports and tourism industries, and gradually reduce financing costs. Highlight the industrial finance with characteristics of Hainan’s international tourism consumption center such as cruise yachts, and focus on supporting the construction of cruise yacht industry cluster parks and public service supporting facilities.


3. Deepen "Finance + High-tech Industry"


Continue to strengthen financial support and service guarantee capabilities for key areas and key links of high-tech. Encourage financial institutions to concentrate their superior financial resources, and promote the deep integration and service guarantee of finance and the Internet, big data, blockchain, artificial intelligence, information security and other digital emerging industries. Increase financial support for key projects in the fields of intelligent manufacturing, new energy vehicles, biomedicine, energy conservation and environmental protection, advanced technology research and development, and the transformation of scientific and technological achievements. Attract private equity investment funds, various venture capital and venture capital institutions to gather, and guide overseas funds to invest in high-tech industries. Support financial institutions to expand financing services such as intellectual property pledge financing and intellectual property securitization. Support and recommend high-quality high-tech enterprises with core competitiveness to carry out direct financing through domestic and overseas capital markets. Strengthen the linkage between investment and loans, encourage banks and investment institutions to deepen cooperation, and build a multi-level, multi-channel, and international high-tech and innovative financial support system.


4. Strengthen the ability to guarantee financial services for key projects


Comprehensive use of credit support, bond financing, insurance investment plans and other project methods to provide comprehensive financial services of "loan + investment + debt", focusing on tourism, modern service industries, high-tech industries, and focusing on supporting marine industries, medical health, The development of key areas such as tourism, exhibition, transportation, modern agriculture, and service outsourcing will provide comprehensive services to key parks, characteristic agricultural enterprises, trading enterprises, sea-related enterprises, and small and micro high-quality enterprises in the province. Increase direct financing support for key industrial parks, leveraging more social capital to participate in the construction of key projects in the park. Guide financial institutions in the province to strengthen financial services, and take the financial needs of key park operating companies, park-resident enterprises and provincial key state-owned enterprises participating in the construction of the park as the guide, actively research and prepare investment and financing plans for the key parks of Hainan Free Trade Port, and provide " A comprehensive financial service plan of "One Park, One Policy" and "One Enterprise, One Policy". Accelerate the high-quality development of the government-private partnership (PPP) model, increase financial support for compliant PPP projects, promote the diversification of investment and financing in the public service sector, and attract social capital to amplify the fiscal leverage effect. Encourage banks, insurance, small loans, commercial factoring, financial leasing and other institutions to provide various financial services such as credit, credit enhancement, and financing in accordance with the needs of park construction, so as to improve the ability to gather financial resources.


Chapter VII Benchmarking with international advances and creating a first-class financial industry development ecology


1. Improving the financial rule of law in line with international standards


Establish a financial legal system based on the Hainan Free Trade Port Law, with local financial regulations and financial and commercial dispute resolution mechanisms as important components. Make full use of the legislative power and regulatory authority of the Hainan Special Economic Zone, focus on the liberalization and facilitation of financial service trade and investment, and carry out innovative and breakthrough local financial legislation work according to actual needs. Accelerate the implementation and application of international financial business rules, and explore the establishment of a financial justice and legal service innovation system that connects international financial rules. Improve the diversified, "one-stop" dispute resolution mechanism, and optimize new dispute resolution models such as reconciliation, professional mediation, commercial arbitration, and administrative mediation. Give full play to the role of consumer dispute mediation organizations in banking, securities, insurance and other fields, and establish a fair, efficient and convenient non-litigation third-party settlement mechanism for financial disputes. Promote the establishment of financial courts and support the establishment of financial and bankruptcy professional adjudication institutions. Strengthen communication and cooperation with the people's courts and judicial administrative departments, implement a mechanism for reconciling conflicts and disputes in banking, securities, insurance and other fields, give full play to the professional advantages of financial industry mediation organizations, and explore the establishment of a judicial confirmation system for financial industry dispute mediation agreements. Enhance financial legal service capabilities for the "One Belt, One Road" and "Two Oceans" neighboring countries and regions, strengthen foreign-related financial dispute resolution capabilities, implement and promote mutual confirmation and enforcement of foreign-related bilateral judicial documents, create a world-class financial legal service highland, and create a market Globalization, internationalization, rule of law, high efficiency and predictable free trade port financial legal environment.


2. Build an efficient and suitable financial ecological environment


Further implement the national treatment plus negative list system before foreign investment access, and speed up the implementation of the "Hainan Free Trade Port Special Administrative Measures for Cross-border Service Trade (Negative List) (2021 Edition)" (Ministry of Commerce Order No. 3 of 2021) regarding financial matters Industry-related regulations. Improve the policy measures and operating mechanism of fiscal support for the development of inclusive finance and the development of the financial industry. Focus on the implementation of the financial business environment optimization project, focus on the pain points and difficulties in the implementation, development and growth of financial enterprises, continue to reduce the processing time limit, optimize the processing process, improve the service experience, and effectively reduce the cost of the financial enterprise system to build an efficient, first-class and smooth Comfortable financial development environment and ecology. Strengthen the protection of financial consumer rights, urge financial institutions to improve consumer rights protection mechanisms, regulate marketing and publicity behaviors, prevent false publicity, exaggerated publicity, and mislead customers, and prevent financial products from being provided to inappropriate investors and financial consumers. Strengthen the education of financial consumers, establish a demonstration base for popularizing financial knowledge education, and an education base for securities and futures investors. Improve the coordination and linkage mechanism for protecting the rights and interests of investors and financial consumers.


3. Accelerate the establishment of a credit system in the financial sector


Improve the collection and management of financial credit information in the public domain, establish a credit-based classification and hierarchical supervision system, enrich financial credit application scenarios, and deepen the application of financial credit information. Promote the establishment of a credit system for small, medium and micro enterprises in Hainan, relying on registration and settlement, "7+4" supervision, and various government data and credit data to build a financial data center for the Hainan Free Trade Port, build a comprehensive financial service platform for small and micro enterprises, and efficiently connect financial services . Promote the development of movable property financing services, innovate supply chain financial service models, and support the development of the real economy and small and micro enterprises. Build a rural credit system, expand the breadth of credit information coverage in rural areas, strengthen credit information services, and effectively connect inclusive finance and rural revitalization strategies. Support our province to introduce credit rating agencies with market influence. Establish a sound credit information sharing mechanism to support the construction of a local social credit system in our province.


Chapter 8 Prioritize talents, strengthen intellectual support and talent support


1. Implement the financial comprehensive quality improvement project


Efforts will be made to consolidate the talent foundation for the financial opening and innovation of the Hainan Free Trade Port. Make full use of the country's strong support for the development of the Hainan Free Trade Port, break through the constraints of ideas, concepts and systems, and focus on the introduction of financial talents such as senior management personnel of financial (regulatory) institutions, financial industry qualification certificate holders, and senior professional titles in related fields , Cultivation, use, flow, evaluation and service. Focus on talent cultivation and promote the refined management of financial talents. Implement dynamic tracking of the financial talent structure, conduct differentiated training in different categories, cultivate more cross-industry and cross-industry compound talents, and form a rich-level financial talent ecosystem.


Increase the training of local financial talents. Based on the actual needs of Hainan, the "Hainan Free Trade Port Financial Talent Special Promotion Plan" was introduced. Implement the quality improvement project of financial talents, strengthen the docking of resources with the headquarters of financial institutions, and carry out systematic professional training in offshore finance and financial technology. Further refine the criteria for the recognition of financial talents in the "Classification Standards for High-level Talents of Hainan Free Trade Port (2020)". Build a financial talent incubation base, rely on existing scientific research service institutions, and cooperate with well-known universities and research institutions at home and abroad to establish national-level financial post-doctoral workstations and mobile stations to cultivate practical research talents. Support financial institutions and institutions of higher learning to jointly establish financial talent internship and research bases to provide forward-looking and practical talents for the innovative development of the financial industry. Adhere to the direction of international financial talent training, gather internationally renowned universities, high-end think tank institutions, global senior financial leaders, and well-known experts and scholars to carry out cross-border exchanges, cross-border integration and information exchange and sharing of financial intelligence resources, and build Hainan with international standards The high-end think tank of the Free Trade Port Financial Center builds a good platform for the cultivation of international high-end compound financial talents.


2. Vigorously introduce high-level financial talents


Implement the "Millions of Talents into Hainan Action Plan", vigorously implement the "Thousand Talents Special" talent introduction project, guide employers to introduce talents in an orderly manner, encourage financial industry employers to increase team and flexible talent introduction efforts, and attract all Class outstanding graduates come to Hainan for employment and entrepreneurship, and provide preferential policy support. Unblock the cadre exchange mechanism among local government departments, financial supervision departments, and financial institutions, and strengthen the two-way exchange of financial talents across regions. The People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and other central departments will select outstanding financial officials to support the construction of the Hainan Free Trade Port, and introduce officials from securities and futures exchanges in Shanghai, Shenzhen and other regions to our province for exchanges.


Adhere to the talent priority development strategy, and build a platform for global financial talents to participate in the construction of Hainan Free Trade Port in accordance with the principles of internationalization, marketization and specialization. Improve the market-oriented mechanism for attracting talents, subdivide the scarcity and management level of talents, focus on talents in key financial positions, build a competitive and differentiated salary system, and attract internationally renowned financial practice qualifications or work in top financial institutions in the world Resume high-end financial talents come to Hainan to practise business. Deepen cooperation with international financial centers, open up overseas high-level financial talent recruitment channels, organize international financial talent recruitment fairs, forums and other activities, adopt various forms of measures to attract financial talents to enhance the international competitiveness of financial talents.


3. Optimize the service environment for financial talents


Establish a fair and just environment for selecting and using talents. Highlight the mechanism to retain personnel, and strengthen the government's macro management of financial talents, policy formulation, and public service functions. Efforts will be made to integrate various talent policy resources, and provide corresponding preferential policies in financial talent settlement, house purchase, car purchase, spouse employment, children's schooling, etc., to promote financial institutions and financial talents to fully enjoy the preferential tax policies of Hainan Free Trade Port. The provincial talent development special fund supports the development of financial talents, and encourages cities, counties, and industrial parks to increase financial support for the development of financial talents. Establish an environment for the development of financial talents with information sharing, linkage and advancement, and enhance the sense of identity and belonging of financial talents to Hainan.


Fourth, improve the financial talent evaluation system


Establish a smoother talent flow and evaluation mechanism, establish a provincial financial talent database, implement big data overall management, play the decisive role of the market in the allocation of financial talent resources, gradually break the constraints of the traditional talent evaluation system, and promote the rational flow and effective allocation of talent resources. Learn from international management standards, promote the integration of financial talent flow mechanisms and value evaluation systems with international standards, introduce third-party specialized independent institutions, and optimize talent evaluation management mechanisms.


Chapter 9 Deepen linkage and cooperation and integrate into the new development pattern of the financial industry


1. Increasing linkage and cooperation with domestic key regions


Adhere to complementary advantages, learn from each other's weaknesses, and leverage development, make full use of the unique policy advantages of Hainan Free Trade Port's financial industry opening up and innovation and service trade investment liberalization and facilitation, and deepen financial linkages and exchanges and cooperation with domestic key economic regions. Build a “Hainan-Guangdong-Hong Kong-Macao Greater Bay Area Collaborative Innovation Platform” to strengthen cooperation with Guangdong-Hong Kong-Macao University in areas such as financial industry planning, financial information sharing, financial talent training, financial institutions and product market expansion, key construction projects, and joint prevention and control of financial risks. Cooperation in the Bay Area will promote the realization of system linkage, factor flow and market interoperability. Close exchanges and cooperation with key financial regions such as the Guangdong-Hong Kong-Macao Greater Bay Area International Financial Hub, Beijing National Financial Management Center, Shanghai International Financial Center, etc., learn from advanced experience and development enlightenment, and build on financial infrastructure, key headquarters institutions, and regional financial markets Carry out in-depth cooperation in other areas. Intensify the publicity and promotion of the financial policy of the Hainan Free Trade Port, take the initiative to undertake financial resources, and improve the regional financial cooperation mechanism. Deepen the cooperation between Hainan Free Trade Port and Chengdu-Chongqing region, the Yangtze River Delta Economic Belt, Guangxi and other regions in the fields of economy, trade and finance, realize the deep integration of talent flow, capital flow, and information flow, and further strengthen the new development pattern of Hainan Free Trade Port with dual cycles The role of strategic connection point.


2. Deepen international financial cooperation


Taking advantage of our province’s geographical endowment, we will focus on building a financial window facing the Indian Ocean and the Pacific Ocean and a financial service center facing South Asia and Southeast Asia. Strengthen the exchange of visits and exchanges with the "Belt and Road" countries, and jointly promote the development of capital markets along the "Belt and Road", financial business environment, supervisory collaboration, RMB internationalization, industrial finance, and financial technology. Free trade port enterprises' overseas investment risk management capabilities. Explore new models of international financial cooperation, expand financial cooperation fields, innovate cross-border investment and financing financial service mechanisms, and explore the construction of a pilot zone for cooperation with Southeast Asia and countries and regions along the Maritime Silk Road. Actively carry out dialogue and cooperation with Southeast Asia in terms of capital introduction, talent training, financial opening, and regulatory innovation, and explore cross-border financial supervision sandbox cooperation mechanisms. Promote the establishment and speed up integration into the ASEAN-oriented regional market, encourage the major financial license institutions of ASEAN countries to participate in the pilot and launch business in the Hainan Free Trade Port, make the economic flow of the Hainan Free Trade Port, establish a linkage mechanism between financial policy needs and institutional innovation, Promote the smooth implementation of the financial policy of the Hainan Free Trade Port. Promote in-depth cooperation with institutions in the UAE and other Middle East and North Africa countries in the forefront of financial services such as private banking, wealth management, investment management, and financial technology. Make good use of the "Regional Comprehensive Economic Partnership Agreement" (RCEP) and "Comprehensive and Progressive Trans-Pacific Partnership Agreement" (CPTPP) policy opportunities to continuously improve the Hainan Free Trade Port's financial opening service capabilities.


Chapter 10 Innovate the regulatory system to keep the bottom line of systemic risks free


1. Strengthening the construction of financial regulatory infrastructure


Based on the existing domestic and foreign currency accounts and free trade accounts, a fund "electronic fence" will be established to build a basic platform for the financial opening of our province. Relying on the information sharing mechanism of the Local Coordination Mechanism of the Office of the Financial Stability and Development Committee of the State Council (Hainan Province), the function of the "fund flow information monitoring and management system" will be fully utilized. On the basis of the local financial comprehensive risk prevention system in Hainan Province, through the smart financial comprehensive service platform, build a full-caliber financial information supervision system covering licensed financial institutions, cities and counties, and key parks in the province, as well as cross-department, cross-industry, and cross-market . Strengthen effective monitoring of trade and financial activities in the Hainan Free Trade Port, prevent financial risks in advance, control during the event, and deal with them after the event, effectively respond to sudden, collective or large-scale impacts on the financial market, and improve anti-money laundering and anti-money laundering and anti-money laundering and anti-money laundering and Terrorist financing, anti-tax evasion "three anti" regulatory system mechanism. Further improve the comprehensive statistical monitoring system of the financial industry, establish the Hainan Free Trade Port "big finance" statistical monitoring platform, break the data islands of banks, securities, insurance and local financial organizations, promote data sharing and exchange, strengthen risk identification, prevention and control capabilities, and form services The comprehensive statistical monitoring system of the financial industry established by the Hainan Free Trade Port.


2. Increasing the application of regulatory scientific and technological means


Innovate financial supervision technology means, comprehensively use big data, blockchain, artificial intelligence and other technical means, optimize the supervision data collection mechanism, continue to expand the application scope and breadth of financial supervision technology, and further strengthen behavior supervision and functional supervision. Encourage financial institutions to use advanced information technology to improve compliance operations and risk identification and prevention systems, improve digital and intelligent compliance capabilities and levels, and fully implement financial regulatory requirements. Expand the application of financial technology in financial risk management, and improve the financial risk identification and systemic risk prevention capabilities of the Hainan Free Trade Port. Use scientific and technological means to strengthen credit supervision, strengthen the information sharing of financial supervision departments, financial institution credit disclosure and credit classification evaluation, establish and improve the punishment mechanism for untrustworthy entities, and give play to the fundamental role of credit in financial risk identification, monitoring, management, and disposal.


3. Strengthen local financial supervision


Accelerate the improvement of the local financial regulatory system, straighten out the regulatory system and mechanism, further refine and improve the regulatory guidelines for local financial institutions (organizations), and increase the supervision of incremental innovative businesses. Strengthen the code of conduct, and strictly implement management systems such as access management, information disclosure, connected transactions, financial consumer and investor suitability, advertising, anti-money laundering, and anti-terrorist financing. Establish and improve a classified and hierarchical supervision system to improve supervision efficiency. Severely crack down on all kinds of illegal activities that cover up financial risks, evade supervision, implement institutional arbitrage, and disrupt financial order in the name of financial innovation. Further strengthen the scientific system of local financial risk identification, early warning, prevention, and disposal, and build a working mechanism that responds promptly and quickly, closely cooperates, and handles reasonably and efficiently. Enrich local financial supervision and management, strengthen the security of personnel, funding, institutional settings, and supervision facilities, and improve supervision capabilities and standards.


Fourth, improve the risk prevention and control system


Adhere to categorized guidance, implement policies in accordance with the situation, and make breakthroughs in key areas, strengthen financial supervision and risk prevention, and implement the main responsibility of financial institutions to prevent risks. Relying on the capital flow information monitoring and management system and the smart financial integrated service platform, continue to expand the scope of capital flow data collection, achieve "domestic and foreign currencies, offshore, and unification of large and small amounts", and increase cooperation with market supervision, justice, taxation, and customs. Data association among other departments has accelerated the promotion of full coverage of cross-departmental, cross-institutional, and cross-market regulatory data. Optimize the cross-border capital entry and exit management system, realize the whole process of recordable, traceable and traceable of the source, destination and issuance of funds entering and exiting the island, and promote the implementation of the entire process monitoring of trade, investment and financial activities in the Hainan Free Trade Port to achieve advance Identify abnormal financial activities. Strictly crack down on illegal securities activities in accordance with the law. On the premise of ensuring effective supervision and controllable risks, various financial open innovation measures will be implemented in a steady and orderly manner. Supervise financial holding companies and systemically important financial institutions in accordance with laws and regulations, and firmly maintain the bottom line of avoiding systemic financial risks.


V. Establish a financial supervision and coordination mechanism suitable for the construction of Hainan Free Trade Port


Strengthen central and local coordinated financial supervision, give full play to the role of the local coordination mechanism of the Office of the State Council’s Financial Stability and Development Commission, and coordinate the work of central and local coordinated financial supervision. Accelerate the implementation of the "Overall Plan for the Construction of Hainan Free Trade Port" on "actively exploring the establishment of a more flexible and efficient regulatory model and management system suitable for the construction of the free trade port" deployment requirements, based on the development positioning of the financial industry of the Hainan Free Trade Port, and constructing a free trade port suitable for Hainan The financial supervision and coordination mechanism required by the deepening reform and opening up of the trade port finance. Give full play to the role of the existing central and local financial supervision and coordination mechanism, further strengthen the coordination and coordination of financial supervision and the division of labor, improve the coordination mechanism in the fields of information sharing, risk management, business development and financial consumer protection, and coordinate to handle financial emergencies, Disposal of important financial risks and the implementation of major regulatory measures, and jointly carry out research on important financial topics, publicity and education for investors, etc., and strive to improve the overall financial regulatory effectiveness of the Hainan Free Trade Port. Under the premise of controllable risks, strive for the central authority to authorize the central dispatched agency in Qiong to independently carry out supervision of innovative business close to the market. Implement inclusive and prudential supervision, and allow for fault-tolerant treatment of non-subjective and malicious minor violations in the process of opening up new financial formats and financial innovation.


Chapter XI Safeguard Measures


1. Strengthen organizational leadership


Strengthen the party’s leadership of financial work, make full use of the daily communication and docking platform of the central financial management and regulatory agencies in Qiong, and the branches of major financial institutions in Qiong, and further implement and improve the overall coordination mechanism between the central and local financial regulatory agencies to form Work together. According to the actual development of the Hainan Free Trade Port, regular special work meetings are held to establish a timely and efficient consultation and communication mechanism, to study and resolve major issues and important issues in the promotion of Hainan Free Trade Port’s financial opening up , Funds, trusts, leasing, small loans, guarantees and other financial categories complete industry development promotion mechanism. Strengthen the cooperation between cities, counties, and provincial and local financial supervision bureaus, accelerate the sharing of corporate data and financial institution data information, build a financial credit information platform and a financial risk monitoring and early warning platform, and lay a solid foundation for preventing and controlling systemic financial risks. Promote industry associations at all levels in the province to play the role of industry self-regulatory organizations, and perform basic functions such as communication and coordination of financial institutions and statistical research.


2. Increase publicity and promotion


Build a multi-level and normalized Hainan Free Trade Port financial opening and innovation policy publicity mechanism and promotion system, enhance the influence of Hainan Free Trade Port financial opening and innovation, and create a good environment conducive to the financial development of Hainan Free Trade Port. Increase the promotion of Hainan Free Trade Port's financial opening and innovation in the top 20 regions and cities in the Global Financial Center Index (GFCI) to expand the global influence and radiation of the financial industry in our province. Choose Hong Kong, Singapore, Dubai, New York, London, Beijing, Shanghai, Shenzhen and other world-renowned cities to organize a series of influential financial promotion conferences regularly or irregularly to strengthen international and domestic exchanges. Compile and publish the Hainan Free Trade Port Financial Development Index, further consolidate the financial statistics and evaluation foundation of the Hainan Free Trade Port, improve the evaluation system of the Hainan Free Trade Port’s financial industry construction and increase its influence, and reflect and promote the effectiveness of the Hainan Free Trade Port’s construction in multiple dimensions , To build a forward-looking regional economic and financial monitoring and evaluation system in an all-round way.


Three, improve the assessment and evaluation


Establish an assessment and evaluation mechanism for the implementation of the plan. Carry out dynamic monitoring and evaluation of expected goals, and earnestly promote the implementation of the plan. According to the principle of division of labor, implementation in stages, and systematic implementation, the planning objectives and tasks are decomposed. Establish the Hainan Free Trade Port Financial Development Expert Committee to strengthen the follow-up assessment and evaluation of the implementation of the plan. At the same time, a feedback mechanism shall be established to unblock the supervision channels for the participation of experts, media, and the public, and timely collect and respond to new situations and new problems arising during the implementation of the plan, and make timely corrections and adjustments.


This article is compiled from the official website of "The People's Government of Hainan Province"



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