HSBC opens branch on Hainan Island
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[attachment=1]HSBC.jpg[/attachment] HSBC opens branch on Hainan IslandThe Haikou branch of HSBC Bank (China) Co Ltd officially opened for business on Hainan Island.
HSBC said that the new branch will give financial support to Hainan province to help it build into a high-level free trade port, create an intersection promoting China’s dual-circulation development paradigm, and help domestic and overseas companies grasp trade opportunities brought about by the development of the FTP.
“The Hainan Free Trade Port is one of the best examples of China continuously opening up its markets and deeply integrating into the global economy. Backed by a super-sized domestic market, Hainan, which combines the location advantage of connecting China with ASEAN, and policy advantages from building the FTP, is striving to become an important intersection promoting China’s dual-circulation strategy,” said Mark Wang, president and chief executive officer of HSBC Bank (China) Co Ltd.
The new branch of HSBC will focus on corporate banking and will offer a wide range of financial solutions, including working capital loans, project financing and trade financing, in both renminbi and foreign currencies.
Hainan is planning to establish a financial system which adapts to a high-level free trade port by 2025.
It is expected that the value added of the financial sector of Hainan province will hit 100 billion yuan ($15.7 billion) in 2025; the financial sector will contribute 10 percent to the provincial GDP; and the number of all types of financial institutions will reach 1,000, according to the 14th Five-Year Plan (2021-25) for the development of the financial industry of Hainan province.
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