Major Efforts by China's Sanya CBD in Modern Financial Industry

SANYA, China, Dec. 29, 2023 /PRNewswire/ -- Recently, at the 3rd Sanya International Wealth Management Summit held at the Hainan Free Trade Port in China, the Sanya Central Business District - Financial Expansion and Opening-up Pilot Zone (the Modern Financial Industry Cluster) was officially unveiled.

According to the Sanya CBD, this is the Hainan Free Trade Port's only financial expansion and opening-up pilot zone and the only approved modern financial industry cluster. It aims to implement the cross-border finance and modern finance development ideas, undertake high-level opening up pilot policies, facilitate the growth of industries such as cross-border insurance, cross-border asset management, QFLP and QDLP.

Sanya International Wealth Management Summit, a key event focused on Sanya CBD, attracted more than 100 representatives from China's political, academic and business sectors, discussed in depth about the opportunities and practical paths of science and innovation finance, consumer finance, wealth management, pension finance and cross-border insurance.

As a crucial growth hub in the construction of the Hainan Free Trade Port, Sanya City has implemented supportive incentives to boost the development of the financial industry in recent years, receiving sustained and steady progress. In this process, the Sanya Central Business District has achieved evident accomplishments such as establishing and operating Hainan International Clearing House, Hainan International Commodity Exchange, Hainan International Carbon Emissions Trading Center, and Sanya International Asset Exchange. The CBD has also attracted nearly 200 International venture capital institutions and private equity fund management companies, including Sequoia China, Hillhouse Capital, and IDG. Besides, Hainan's first S fund and Hainan's first commodity swap clearing business have been launched in the district, and Hainan's first SPAC listing and merger have been successfully completed. Notably the pilot QFLP in the district has exceeded USD 6 billion, and overseas investment business of QDLP pilot enterprises has been successfully launched.