CHINA'S SANYA CBD IMPLEMENTS CROSS-BORDER, MODERN FINANCE DEVELOPMENTS

The Sanya Central Business District (CBD) - Financial Expansion and Opening-up Pilot Zone (the Modern Financial Industry Cluster) was officially unveiled at the Third Sanya International Wealth Management Summit, held at the Hainan Free Trade Port in China.

According to the Sanya CBD in a statement, 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, Qualified Foreign Limited Partnership (QFLP) and Qualified Domestic Limited Partner (QDLP).

A key event focused on Sanya CBD, the summit attracted over 100 representatives from China's political, academic and business sectors, discussing in depth about the opportunities and practical paths of science and innovation finance, consumer finance and wealth management, among others.

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 CBD has achieved evident accomplishments such as establishing and operating Hainan International Clearing House, Hainan International Commodity Exchange, as well as Hainan International Carbon Emissions Trading Center.

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 special purpose acquisition company (SPAC) listing and merger have been successfully completed.