Implementing Plan for the Opinions on Providing Financial Support to Hainan in Fully Deepening Reform and Opening-up
Haikou Central Sub-branch of the People's Bank of China   Hainan Provincial Financial Regulatory Bureau  
Hainan Office of the China Banking and Insurance Regulatory Commission Hainan Office of the China Securities Regulatory Commission
Hainan Branch of the State Administration of Foreign Exchange

The Plan is formulated in order to thoroughly implement the spirits of General Secretary Xi Jinping's important speech at the celebration meeting for the 30th anniversary of the establishment of the Hainan Special Economic Zone and the important deployments under the Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Hainan in Fully Deepening Reform and Opening-up, the Overall Plan for the Construction of Hainan Free Trade Port and the Opinions on Providing Financial Support to Hainan in Fully Deepening Reform and Opening-up, adhere to the overall principles of supporting the development of the real economy, serving the construction of the Hainan Free Trade Port, deepening the financial reform and opening-up with institutional innovation as the core, and strengthening the construction of a prevention and control system for financial risks, further promote the full deepening of reform and opening-up in Hainan, and establish the financial policy and institutional framework compatible with the Hainan Free Trade Port.  

I. Improving the Convertibility of RMB to Support the Liberalization and Facilitation of Cross-border Trade and Investment

(I) Further facilitating the settlement of cross-border trade in goods and trade in services, and new international trade.

1. The scope of banks under the pilot program for facilitating trade-related foreign exchange receipts and payments shall be expanded in a timely manner. The prudent and compliant banks are supported to expand the scope of pilot enterprises to facilitate the trade settlement of more enterprises with good credit and standardized management in the Hainan Free Trade Port. (Responsible entity: Hainan Branch of the State Administration of Foreign Exchange)

2. The prudent and compliant banks in the Hainan Free Trade Port may, on the basis of fulfilling such obligations as "three principles for business handling" (understanding of customers, understanding of business, and due diligence), handle the pilot settlement of true and compliant trade in goods and services for high-quality customers in the Yangpu Bonded Port Zone by virtue of payment instructions in accordance with the law, to further facilitate the cross-border settlement of true and compliant international trade. (Responsible entity: Hainan Branch of the State Administration of Foreign Exchange)

3. High-quality enterprises are encouraged to use RMB for the cross-border settlement of trade in goods and services. The banking institutions in the Hainan Free Trade Port are encouraged to handle the cross-border RMB settlement of cross-border RMB trade in goods and services of high-quality enterprises in accordance with the facilitation measures under the relevant plan for facilitating the cross-border RMB settlement of high-quality enterprises. (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

4. It is encouraged to facilitate the cross-border settlement of new international trade by use of free trade accounts. The banking institutions in the Hainan Free Trade Port are supported to handle the cross-border settlement of cross-border trade in goods and services and new international trade for high-quality customers of free trade accounts in accordance with the "simplified process" under the relevant operating guidelines. (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

5. The service center for new offshore international trade enterprises shall be set up to explore the establishment of the service and management mode for new offshore international trade in the full life cycle, and provide enterprises with such services as policy consultation, investment check, corporate training, project coordination, monitoring and evaluation, market exit, and financial law. The public information service platform for new offshore international trade shall be built to gradually realize the information interconnection of enterprises, governments, and third-party professional institutions, strengthen the sharing of cross-departmental regulatory information in accordance with the law, and provide a guarantee for the healthy and orderly development of new offshore international trade. (Responsible entities: Yangpu Economic Development Zone Administrative Committee, People's Government of Haikou City, and Department of Commerce of Hainan Province)

(II) Exploring the foreign exchange administration for cross-border investment that adapts to new market needs.

6. The pilot program of qualified foreign limited partners (QFLP) shall be carried out actively. Fund management enterprises may apply to the Hainan Provincial Financial Regulatory Bureau for the qualification for the pilot program of QFLP and the record-filing of the investment scale, and carry out investment activities other than those set forth in the special administrative measures for access of foreign investment (negative list) in China (except real estate enterprises and financing platforms of local governments). (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Branch of the State Administration of Foreign Exchange, and Hainan Office of the China Securities Regulatory Commission)

7. Qualified foreign limited partners (QFLP) in the Hainan Free Trade Port are allowed to freely remit funds inward and outward under the balance management mode. On the premise of controllable risks, after a management enterprise qualified for the pilot program of QFLP sets up a fund by means of sponsorship in China, foreign investors may freely make remit the principal inward and outward to participate in the purchase and redemption of the fund within the filed amount. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Securities Regulatory Commission, and Hainan Branch of the State Administration of Foreign Exchange)

8. The registration procedures for foreign exchanges of qualified foreign limited partners (QFLP) shall be simplified. A management enterprise qualified for the pilot program of QFLP that suffers capital changes in the fund set up by it by means of sponsorship is not required to go through the change procedures for foreign exchange registration one by one. (Responsible entity: Hainan Branch of the State Administration of Foreign Exchange)

9. The pilot program of qualified domestic limited partners (QDLP) shall be carried out actively, and the enterprises qualified for the pilot program of QDLP are allowed to carry out investment activities such as foreign equity investment and securities investment that comply with the national policies and provisions. The Hainan Provincial Financial Regulatory Bureau shall, in concert with the Hainan Branch of the State Administration of Foreign Exchange, apply to the State Administration of Foreign Exchange for the additional QDLP quota every year based on the implementation of the pilot program and actual needs. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Branch of the State Administration of Foreign Exchange, and Hainan Office of the China Securities Regulatory Commission)

(III) Improving the policy framework for unified macro-prudential management of cross-border financing.

10. All the reasonable needs of enterprises for cross-border financing shall be met. When the non-financial enterprises registered in the Hainan Free Trade Port (excluding real estate enterprises and financing platforms of local governments) apply for unified cross-border financing, the Hainan Branch of the State Administration of Foreign Exchange will appropriately enhance the cross-border financing quota based on their applications, actual business needs and financing capabilities, to achieve a larger cross-border financing scale on the premise of controllable risks. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Branch of the State Administration of Foreign Exchange, and Hainan Development and Reform Commission)

11. On the premise of meeting the requirements for macro-prudential management, flexible support shall be provided for cross-border financing of eligible enterprises in accordance with laws and regulations. The enterprises with independent intellectual property rights, advanced technologies and processes, good market prospects, and the smaller scale of net assets may be allowed to independently borrow foreign money within a certain amount in accordance with the principle of actual needs. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Department of Science and Technology of Hainan Province, and Hainan Provincial Tax Service, State Taxation Administration)

12. More efforts shall be made to attract investment, effectively interpret policies and provide guidance based on cross-border financing needs of domestic enterprises, attract financial institutions to settle in Hainan, and improve the ability and level of finance in serving the real economy. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan International Business Council, Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, and Hainan Office of the China Securities Regulatory Commission)

(IV) Exploring the implementation of the pilot program of cross-border asset management.

13. The convenience in terms of account opening, fund transfer and exchange shall be provided for the foreign investors that invest in asset management products such as wealth management products issued by financial institutions, private asset management products of securities and futures operating institutions, publicly offered securities investment funds, and insurance asset management products in the Hainan Free Trade Port, on the premise of closed funds and risk isolation. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Branch of the State Administration of Foreign Exchange, Hainan Office of the China Banking and Insurance Regulatory Commission, and Hainan Office of the China Securities Regulatory Commission)

14. Banks, securities companies, futures companies, publicly offered fund management companies, insurance companies and other financial institutions in the Hainan Free Trade Port are supported to carry out the pilot program of cross-border asset management. The qualified legal person institutions in the Hainan Free Trade Port are encouraged to take the lead in launching the pilot program, research and develop asset management products and issue and sell them to foreign investors. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

(V) Exploring the relaxation of policies for personal cross-border trade.

15. The foreign individuals employed in the Hainan Free Trade Port are supported to make investment in China, including securities investment (stocks, bonds, and funds, etc.) and equity investment, with the domestic legal income and foreign legal foreign exchange income. (Responsible entities: Hainan Office of the China Securities Regulatory Commission, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Branch of the State Administration of Foreign Exchange, and Haikou Central Sub-branch of the People's Bank of China)

16. The qualified non-resident persons are allowed to purchase real estate in the Hainan Free Trade Port under the principle of actual needs. (Responsible entity: Hainan Provincial Department of Housing and Urban-Rural Development)

17. The exchange convenience shall be provided for the qualified non-resident persons who purchase houses. Where a non-resident person remits the purchase price for the house inward from abroad, it/he/she may directly go through the procedures for fund remittance and foreign exchange settlement at the bank with the identity certificate, the house purchase contract and the record-filing certificate issued by the competent real estate authority, and may not apply for foreign exchange registration or opening of a foreign exchange account. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, and Haikou Central Sub-branch of the People's Bank of China)

18. Efforts shall be made to enhance the facilitation of the use of foreign exchanges by individual residents in Hainan such as purchase and payment of foreign exchanges for tuitions for studying abroad and settlement of foreign exchanges for salaries. The measures for facilitating the use of foreign exchanges by individual residents in Hainan shall be further researched. (Responsible entity: Hainan Branch of the State Administration of Foreign Exchange)

(VI) Supporting the implementation of the pilot program of cross-border capital pool integrating domestic and foreign currencies.

19. The pilot program of cross-border capital pool integrating domestic and foreign currencies shall be actively promoted. The qualified multinational company groups in the Hainan Free Trade Port are supported to adjust the surplus and deficiency of, and collect to a designated account, the funds in domestic and foreign currencies of domestic and foreign member companies, implement the exchange of the funds in the special account based on actual needs, and carry out the two-way macro-prudential management for cross-border capital flows. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, and Haikou Central Sub-branch of the People's Bank of China)

(VII) Supporting qualified non-banking financial institutions to carry out the pilot program of foreign exchange settlement and sale.

20. The qualified non-banking financial institutions are supported to apply to the State Administration of Foreign Exchange for the qualification for the pilot program of foreign exchange settlement and sale, and carry out the foreign exchange settlement and sale for themselves and on behalf of their customers. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Hainan Office of the China Banking and Insurance Regulatory Commission, and Hainan Office of the China Securities Regulatory Commission)

21. After obtaining the qualification for spot foreign exchange settlement and sale and the qualification for trade in derivatives upon approval by the relevant financial regulatory authority, non-banking financial institutions are supported to participate in the inter-bank foreign exchange market, and carry out spot RMB-to-foreign exchange transactions and transactions of related derivatives in compliance with laws and regulations. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Hainan Office of the China Banking and Insurance Regulatory Commission, and Hainan Office of the China Securities Regulatory Commission)

II. Improving the Financial Market System in Hainan

(VIII) Supporting the development of the banking industry.

22. The national joint-stock commercial banks that have not yet established branches in Hainan are supported to set up branches in Hainan. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Banking and Insurance Regulatory Commission within their respective duties, and participated by Haikou Central Sub-branch of the People's Bank of China)

23. The reform of rural credit cooperatives in Hainan shall be promoted as a whole under the guidance of national policies. The reform of rural credit cooperatives in Hainan shall be included into the overall framework for the construction of the Hainan Free Trade Port to serve the rural revitalization strategy. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

24. Based on the development plans for such fields as marine industry and high-tech industry, financial institutions in the Hainan Free Trade Port are encouraged and supported to strive for more resources from their headquarters or groups, develop financial products with Hainan characteristics, and provide a package of comprehensive financial services for such fields as marine industry and high-tech industry. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Securities Regulatory Commission)

25. Hainan is supported to introduce foreign investors to hold a certain number of stocks in local asset management companies. (Responsible entities: State-owned Assets Supervision and Administration Commission of Hainan Province, and Hainan Provincial Financial Regulatory Bureau)

(IX) Supporting initial public offerings (IPO) and reorganizations by mergers and acquisitions of qualified enterprises.

26. It is imperative to improve the work system for listing of enterprises, strengthen the cooperation of competent industry authorities, governments at city and county levels, and key parks in all aspects of cultivation and listing of enterprises, establish and improve the level-based reserve resource database for listing of enterprises mainly in such industries as tourism industry, modern service industry, high-tech industry, and tropical high-efficiency agriculture industry, scientifically plan the path of IPO of enterprises, intensify the cultivation and guidance of enterprises to be listed, instruct equity investment institutions to play an active role, vigorously develop venture capital, and promote the optimization of governance, innovation and entrepreneurship, and industrial upgrading of enterprises to be listed. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Securities Regulatory Commission, Department of Industry and Information Technology of Hainan Province, Department of Commerce of Hainan Province, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Department of Science and Technology of Hainan Province, State-owned Assets Supervision and Administration Commission of Hainan Province, Department of Agriculture and Rural Affairs of Hainan Province, governments of cities and counties, and major parks)

27. It is necessary to give full play to the leading role of state-owned platforms in promoting industrial development, coordinate the China Securities Regulatory Commission and stock exchanges, and support key enterprises to enhance the influence and industrial driving force of state-owned assets through merger and acquisition, reorganization, and asset injection. (Responsible entities: State-owned Assets Supervision and Administration Commission of Hainan Province, Hainan Office of the China Securities Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Department of Industry and Information Technology of Hainan Province, Department of Science and Technology of Hainan Province, Department of Agriculture and Rural Affairs of Hainan Province, and governments of cities and counties)

28. The listed companies with certain industrial advantages shall be attracted to settle in Hainan; high-quality companies to be listed shall be attracted to register in Hainan and cultivated as reserved companies to be listed; and listed companies are supported to spin off their high-quality business segments, establish new subsidiaries in Hainan and apply for IPO thereof in accordance with laws and regulations. It is required to provide policy support, accelerate the cultivation of upstream and downstream industrial chains, promote industrial cultivation, transformation and upgrading, and form the agglomeration effect. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau and Hainan Office of the China Securities Regulatory Commission within their respective duties, and participated by Department of Commerce of Hainan Province, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Department of Industry and Information Technology of Hainan Province, Department of Science and Technology of Hainan Province, Department of Agriculture and Rural Affairs of Hainan Province, governments of cities and counties, and major parks)

(X) Further expanding the scale of direct financing.

29. The mechanism for financing by issuance of bonds by enterprises shall be established and improved. The qualified enterprises in Hainan are supported to issue corporate credit bonds, project return notes, special bonds for housing lease, and asset securitization products, etc. The securitization of such assets as PPP projects in Hainan Province, and high-quality stock projects in cities, counties and major parks shall be promoted to revitalize stock assets and ease financing constraints. Efforts shall be made to boost the implementation of the pilot program of real estate investment trust funds (REITs) in the infrastructure field, establish and improve the project library for REITs in the infrastructure field, and drive the issuance of REITs in the infrastructure field by qualified enterprises. Intermediary agencies are instructed to make innovations in bond products with focus on such strategies as construction of the Hainan Free Trade Port, green development, and revitalization of the country through science and technology, and increase the scale of direct financing. (Responsible entities: Hainan Development and Reform Commission, Hainan Provincial Financial Regulatory Bureau, State-owned Assets Supervision and Administration Commission of Hainan Province, Hainan Office of the China Securities Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

(XI) Supporting the development of related funds.

30. The qualified institutions are supported to apply for the establishment of publicly offered fund management companies in Hainan in accordance with the law. The qualified domestic and foreign financial institutions are supported to set up wholly-owned futures companies, control futures companies or hold a certain number of stocks in futures companies in Hainan. (Responsible entities: Hainan Office of the China Securities Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Hainan Provincial Administration for Market Regulation)

31. More support shall be provided for private equity funds oriented to key areas in Hainan such as seed industry and modern agriculture industry in accordance with laws and regulations, to encourage their high-quality development. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau and Hainan Office of the China Securities Regulatory Commission within their respective duties, and participated by Department of Agriculture and Rural Affairs of Hainan Province)

III. Expanding the Opening-up of the Financial Industry in Hainan

(XII) Expanding the opening-up of the banking industry.

32. Foreign financial institutions are encouraged to settle in Hainan through the establishment of new legal persons, branches, and franchised institutions. Support is given to the establishment of Sino-foreign joint venture banks. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

33. The opening-up of the banking industry shall be enhanced. The qualified foreign strategic investors are supported to invest in corporate banking institutions in Hainan, and improve the equity structure, and corporate governance. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Banking and Insurance Regulatory Commission within their respective duties, and participated by Haikou Central Sub-branch of the People's Bank of China)

(XIII) Expanding the opening-up of the insurance industry.

34. Insurance companies in Hainan are encouraged to strengthen cross-border cooperation with those in Hong Kong and Macao, and make more efforts to research the in-depth cooperation in the insurance market between Hainan and Hong Kong and Macao, to provide basic conditions for the interconnection of insurance markets in Hainan and Hong Kong and Macao. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Haikou Central Sub-branch of the People's Bank of China)

(XIV) Setting up the fast channel for matters relating to access to the banking industry.

35. It is imperative to implement the requirements of the China Banking and Insurance Regulatory Commission for the reform of "streamlining administration, delegating power, strengthening regulation, and upgrading services", establish a time-limited completion system for access matters, further optimize the approval process, reduce approval links, shorten the handling time in the acceptance and approval of administrative licensing, and improve the quality and efficiency of licensing and access services. (Responsible entity: Hainan Office of the China Banking and Insurance Regulatory Commission)

(XV) Subject to the requirements for national treatment for foreign investment, supporting qualified foreign-invested institutions to apply for the payment business license in compliance with laws and regulations.

36. Subject to the requirements for national treatment for foreign investment, the qualified foreign-invested institutions are supported to enter the payment service market under the market-oriented principle through mergers and reorganizations in accordance with laws and regulations, and apply for the payment business license in accordance with the Administrative Measures for the Payment Services of Non-financial Institutions and other relevant provisions. (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

(XVI) Allowing the head offices of Chinese-invested commercial banks qualified for offshore banking business to authorize their branches in the Hainan Free Trade Port to offer offshore banking services.

37. The head offices of Chinese-invested commercial banks qualified for offshore banking business are supported to authorize their branches in the Hainan Free Trade Port to offer offshore banking services. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

38. The head offices of Chinese-invested commercial banks qualified for offshore banking business are encouraged to support their branches in the Hainan Free Trade Port to improve the development of offshore business services through organizational structure, business support, and personnel exchanges. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

IV. Making More Efforts to Innovate Financial Products and Service Methods

(XVII) Encourage the innovation of RMB financial products and business oriented to the international market, and expanding the scope of foreign RMB investment in financial products of Hainan.

39. Efforts shall focus on supporting the enterprises engaged in such industries as high-tech industry, healthcare, tourism and exhibition, and transport in the Hainan Free Trade Port to issue RMB-denominated bonds and stocks abroad to raise RMB funds. (Responsible entities: Hainan Development and Reform Commission, Haikou Central Sub-branch of the People's Bank of China, and Hainan Branch of the State Administration of Foreign Exchange)

40. The enterprises in the Hainan Free Trade Port that issue RMB bonds abroad may, after going through the relevant procedures in accordance with the provisions on unified cross-border financing macro-prudential management, remit the raised funds to China for use based on actual needs. The RMB funds raised by the enterprises in the Hainan Free Trade Port from issuing stocks abroad may be remitted to China for use based on actual needs. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, and Hainan Office of the China Securities Regulatory Commission)

41. Support is given to the issuance of offshore RMB local government bonds abroad, and the raised funds may be remitted to China for use based on actual needs. (Responsible entities: Department of Finance of Hainan Province, Hainan Development and Reform Commission, Haikou Central Sub-branch of the People's Bank of China, and Hainan Branch of the State Administration of Foreign Exchange)

(XVIII) Steadily expanding the scope of cross-border asset transfer.

42. Under the principles of controllable risks and prudent management, banks and agencies in the Hainan Free Trade Port are allowed to transfer credit assets including banks' non-performing loans and cross-border trade financing assets to foreign parties. Financial institutions in the Hainan Free Trade Port are allowed to accept the assets transferred by qualified foreign financial institutions. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, and Haikou Central Sub-branch of the People's Bank of China)

43. Financial institutions in the Hainan Free Trade Port are supported to expand the scope of RMB settlement for cross-border transfer-out of assets. Banking institutions in the Hainan Free Trade Port may, in accordance with the relevant provisions, transfer their cross-border trade financing and domestic trade financing assets to foreign financial institutions by use of cross-border RMB settlement, and under the guidance of the People's Bank of China, steadily expand the specific types of assets to be transferred. (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

(XIX) Promoting the pilot program of mortgage guarantees for the right to use state-owned agricultural land for agricultural reclamation.

44. It is imperative to accelerate the research and improvement of the registration, disposal and circulation mechanism for mortgage guarantees for state-owned agricultural land allocated for agricultural reclamation, effectively revitalize the agricultural land resources for agricultural reclamation, and enhance the efficiency and financing capacity of agricultural land resources. It is also necessary to promote the improvement of supporting measures such as registration of mortgage guarantees, and mortgage valuation, and perfect the risk prevention and resolution mechanism. (Responsible entities: Department of Natural Resources and Planning of Hainan Province, State-owned Assets Supervision and Administration Commission of Hainan Province, Department of Agriculture and Rural Affairs of Hainan Province, Hainan Agricultural Reclamation Investment Holding Group Co., Ltd., Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

(XX) Innovatively developing insurance business.

45. The qualified insurance institutions are supported to set up insurance asset management companies. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Banking and Insurance Regulatory Commission within their respective duties, and participated by Haikou Central Sub-branch of the People's Bank of China)

46. The insurance asset management companies established in Hainan are supported to issue RMB-denominated asset management products abroad on the premises of independent accounts and risk isolation. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Haikou Central Sub-branch of the People's Bank of China, and Hainan Provincial Financial Regulatory Bureau)

47. The opening-up capabilities of insurance institutions shall be enhanced, and the qualified insurance institutions are supported to carry out foreign investment business. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

48. Insurance institutions are encouraged to strengthen the innovation, develop personalized, differentiated, and customized products with focus on such fields as environment, tourism, health, and pension, and improve the level of insurance serving the construction of the Hainan Free Trade Port. Efforts shall be made to continuously advance the "improvement of standards, expansion of coverage, and increase in products" in the field of agricultural insurance, and raise the quality of agricultural insurance services. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Department of Ecology and Environment of Hainan Province, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Hainan Health Commission, Department of Agriculture and Rural Affairs of Hainan Province, Hainan Provincial Financial Regulatory Bureau, and Department of Finance of Hainan Province)

(XXI) Developing green finance business.

49. The innovation in terms of green credit products and services shall be accelerated. Banking financial institutions shall be instructed to include green finance into their strategic plans for long-term development; banking financial institutions are supported to innovate green credit products based on collaterals such as intellectual property rights, energy use rights, pollution emission rights, and carbon emission rights; and the scope of collaterals of green enterprises and projects shall be expanded. Banking financial institutions are supported to issue green financial bonds. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Department of Ecology and Environment of Hainan Province)

50. More financing support shall be provided for green industries. It is imperative to actively cultivate green and environmental protection industries, and enrich the provincial-level reserved resource database of enterprises to be listed. The qualified green enterprises are supported to seek financing by listing on the stock market, seek refinancing, and issue green bonds. An incentive mechanism for the investment of financial institutions in green bonds and green industries shall be established to increase the enthusiasm of financial institutions to participate in green investment and financing projects in Hainan. Encouragement is given to the implementation of the pilot program of innovative green finance business, and support is given to the construction of a national ecological civilization pilot zone by Hainan. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau and Hainan Office of the China Securities Regulatory Commission within their respective duties, and participated by Department of Finance of Hainan Province, Hainan Office of the China Banking and Insurance Regulatory Commission, Haikou Central Sub-branch of the People's Bank of China, and Department of Ecology and Environment of Hainan Province)

51. Insurance institutions are supported to innovate green insurance products and services. The establishment of a catastrophe insurance system to deal with major natural disasters shall be explored. Insurance institutions are encouraged to research and develop such products as insurance for environmental protection technologies and equipment, liability insurance for quality and safety of green consumer goods, liability insurance for pollution and damage caused by ships, forest insurance, and agricultural insurance. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, Department of Finance of Hainan Province, Department of Agriculture and Rural Affairs of Hainan Province, Department of Emergency Management of Hainan Province, and Department of Ecology and Environment of Hainan Province)

52. The establishment of a trading venue for international carbon emission rights in Hainan shall be promoted, highlighting the differentiated development positioning and connecting the national carbon trading market with the international market. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Department of Ecology and Environment of Hainan Province, Hainan Office of the China Securities Regulatory Commission, Haikou Central Sub-branch of the People's Bank of China, Hainan Development and Reform Commission, and Department of Finance of Hainan Province)

(XXII) Supporting the development of fintech and boosting the development of marine technologies.

53. Banking financial institutions are supported to strengthen the cooperation with investment funds for transformation of scientific and technological achievements and venture capital institutions; efforts shall be made to explore the innovation in financial service modes that support the transformation of achievements by high-tech enterprises; and support is given to strengthening the innovation in deep-sea technologies. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Haikou Central Sub-branch of the People's Bank of China, Department of Science and Technology of Hainan Province, Department of Finance of Hainan Province, and Hainan Office of the China Securities Regulatory Commission)

54. Banking financial institutions are supported to increase financial services in such fields as marine biotechnology, marine ecology and environmental protection, and marine information technology through financial products and modes such as "Qiong Ke Dai". (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, Department of Science and Technology of Hainan Province, Hainan Intellectual Property Administration, and Department of Finance of Hainan Province)

(XXIII) Strengthening the application of fintech innovations on the premises of compliance with laws and regulations and controllable risks.

55. It is imperative to further expand the scope of the pilot program of cross-border financial blockchain service platforms, enrich application scenarios, gradually form a credit service system for cross-border financing, promote the facilitation of trade and investment, and improve foreign exchange services. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Hainan Office of the China Banking and Insurance Regulatory Commission, and Big Data Administration of Hainan Province)

56. Financial institutions are encouraged to further strengthen the use of information technologies such as Internet, big data, and cloud computing, to create digital, automated, and intelligent financial service modes. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Department of Industry and Information Technology of Hainan Province, and Department of Science and Technology of Hainan Province)

57. It is necessary to strive for the support from the financial management department of the State Council that more fintech resources are allocated to Hainan, improve the construction of fintech infrastructure, promote the settlement of national fintech infrastructure operating institutions, fintech subsidiaries, and fintech innovation laboratories in Hainan, and support the development of fintech departments or subsidiaries of large-scale financial institutions in Hainan. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Department of Industry and Information Technology of Hainan Province, and Department of Science and Technology of Hainan Province)

V. Improving Financial Services

(XXIV) Supporting the exploration and implementation of the pilot program of the bank settlement account system integrating domestic and foreign currencies.

58. The pilot program of the bank settlement account system integrating domestic and foreign currencies shall be promoted steadily to provide market players with high-quality, safe and efficient bank account services. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, and Hainan Branch of the State Administration of Foreign Exchange)

(XXV) Promoting the development of such business as cards for micro and small-sized enterprises and cards for rural revitalization to meet the demand of micro and small-sized enterprises and "agriculture, rural areas, and farmers" for online and mobile payment and settlement.

59. Such business as cards for micro and small-sized enterprises and cards for rural revitalization shall be promoted in the light of the characteristics of local industrial development, and the number of cards issued and the range of card issuing institutions shall be expanded. Efforts shall be made to boost payment services to support the accelerated development of agricultural and rural modernization, and comprehensively improve payment services in rural areas on the premise of sustainability. The application of mobile payment and other emerging payment methods in rural characteristic industries and purchase of agricultural products shall be advanced vigorously, and payment service entities are encouraged and supported to conduct business in rural areas. (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

(XXVI) Enhancing the facilitation level of cross-border mobile payment.

60. The facilitation of domestic mobile payment of foreign personnel shall be promoted to facilitate their use of mobile electronic payment tools in Hainan. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Department of Commerce of Hainan Province, Entry-Exit Administration Bureau under Public Security Department of Hainan Province, Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Banking and Insurance Regulatory Commission)

61. The qualified domestic mobile payment institutions are supported to conduct business abroad, and gradually expand the scope of areas where they can make cross-border mobile payment through foreign institutions participating in the RMB cross-border interbank payment system (CIPS). (Responsible entity: Haikou Central Sub-branch of the People's Bank of China)

(XXVII) Continuing to drive the construction of the credit reporting system.

62. The construction, connection and promotion of integrated financial service platforms for micro and small-sized enterprises such as AiFinance shall be accelerated; the collection and application of non-banking credit information of micro and small-sized enterprises shall be further conducted; financial institutions are encouraged to develop "Xinyidai" financial products; and micro and small-sized enterprises are instructed to better apply platform services. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Development and Reform Commission, Haikou Central Sub-branch of the People's Bank of China, Big Data Administration of Hainan Province, Hainan Office of the China Banking and Insurance Regulatory Commission, and Department of Industry and Information Technology of Hainan Province)

63. The creation of "credit villages and credit towns" shall be accelerated to keep optimizing the rural credit environment. The construction of agricultural credit information databases shall be carried forward, and the collection of credit information and credit evaluation of new agricultural business entities and farmers shall be accelerated, achieving the "evaluation of those who shall be evaluated and those who are willing to be evaluated". (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Provincial Financial Regulatory Bureau, Hainan Development and Reform Commission, Department of Agriculture and Rural Affairs of Hainan Province, and Department of Finance of Hainan Province)

64. The credit service market shall be developed. The credit rating agencies with market influence are supported to set up branches or legal person institutions, and increase the international recognition of rating results. Efforts shall be made to cultivate local credit reporting agencies, build the local credit reporting platform of the Hainan Free Trade Port, improve the credit information sharing mechanism, and enrich application scenarios of credit information. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Development and Reform Commission, Department of Finance of Hainan Province, Department of Commerce of Hainan Province, Hainan Office of the China Securities Regulatory Commission, Department of Industry and Information Technology of Hainan Province, Big Data Administration of Hainan Province, Hainan Provincial Financial Regulatory Bureau, and Department of Science and Technology of Hainan Province)

(XXVIII) Supporting the accelerated development of modern service industries such as shipping finance and ship financial lease.

65. It is necessary to learn from service modes of foreign shipping funds, give full play to the leveraging and driving role of government investment funds, and instruct social capital such as port and shipping enterprises and financial institutions to support the development of sea-related enterprises in a market-oriented manner on the premises of compliance with laws and regulations and controllable risks. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Department of Finance of Hainan Province, Haikou Central Sub-branch of the People's Bank of China, Department of Transport of Hainan Province, and Yangpu Economic Development Zone Administrative Committee)

66. Financial institutions such as commercial banks are encouraged to strengthen the financial innovation, develop more financial products and services that meet the development needs of the shipping industry, and continuously improve the quality and efficiency of financial services. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Haikou Central Sub-branch of the People's Bank of China)

67. The support policies for marine hull insurance for further opening-up shall be researched. Insurance institutions in Hainan Province are encouraged to enrich shipping insurance products on the basis of traditional cargo insurance and marine hull insurance. (Responsible entities: Hainan Office of the China Banking and Insurance Regulatory Commission, Department of Transport of Hainan Province, and Hainan Maritime Safety Administration)

68. The restrictions on offshore ship financing shall be removed, and the replacement of deposits with insurance shall be explored. (Responsible entities: Hainan Branch of the State Administration of Foreign Exchange, Hainan Provincial Financial Regulatory Bureau, and Hainan Office of the China Banking and Insurance Regulatory Commission)

69. The eligible investors are encouraged to set up financial lease companies in Hainan in accordance with laws and regulations and procedures. Financial lease companies are supported to set up special purpose vehicles (SPV), and promote the innovation in business such as special-purpose financial lease, cross-border lease, and export lease. (Responsible entities: led by Hainan Provincial Financial Regulatory Bureau and Hainan Office of the China Banking and Insurance Regulatory Commission within their respective duties, and participated by Hainan Provincial Administration for Market Regulation, Haikou Central Sub-branch of the People's Bank of China, and Department of Transport of Hainan Province)

70. It is required to formulate specific measures for supporting the development of ship financial lease, simplify the procedures for establishment of ship financial lease companies, strengthen the guidance on establishment for investment entities, and propel the qualified institutions to establish financial lease companies. (Responsible entity: Hainan Provincial Financial Regulatory Bureau)

(XXIX) Supporting the development of culture, sports, and tourism industries.

71. Governments of cities and counties are encouraged to, through financial subsidies and loans with discounted interest, instruct social capital and financial capital to increase support for culture, sports, and tourism industries. Financial institutions in the Hainan Free Trade Port are supported to grant more unsecured credit loans to enterprises engaged in culture, sports, and tourism industries with good development prospects and excellent credit records. (Responsible entities: governments of cities and counties, Department of Finance of Hainan Province, Haikou Central Sub-branch of the People's Bank of China, and Hainan Office of the China Banking and Insurance Regulatory Commission)

72. Governments of cities and counties are encouraged to establish databases of enterprises engaged in culture, sports, and tourism industries that are highly integrated with health care, elderly care and health maintenance. The qualified enterprises are supported in accordance with laws and regulations to issue special bonds for enterprises engaged in culture, sports and tourism industries, and conduct IPO and refinancing, and gradually reduce financing costs. (Responsible entities: governments of cities and counties, Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, Hainan Development and Reform Commission, Hainan Office of the China Securities Regulatory Commission, and Haikou Central Sub-branch of the People's Bank of China)

73. Financial institutions are encouraged to explore effective credit modes and service methods, focus on supporting the construction of cruise and yacht-related industrial cluster parks and related public service facilities, and innovate cruise and yacht-related financial products. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, and governments of cities and counties)

(XXX) Supporting the development of real estate investment trust funds (REITs) in the field of house lease.

74. Banking financial institutions are supported to actively innovate financial products and services on the premises of controllable risks and sustainable business and in the direction of "simultaneously promoting lease and purchase"; and support is also given to the development of standardized rental housing enterprises. In addition, support is provided for the development of real estate investment trust funds (REITs) in the field of house lease. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Provincial Department of Housing and Urban-Rural Development, Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Department of Natural Resources and Planning of Hainan Province, and Hainan Provincial Tax Service, State Taxation Administration)

VI. Intensifying Financial Regulation to Prevent and Resolve Financial Risks

(XXXI) Building a financial macro-prudential management system to reinforce the identification of major risks and the prevention of systemic financial risks.

75. Efforts shall be made to improve the prevention and control system for financial risks, and build a timely, accurate and efficient risk prevention and control mechanism, to achieve the risk prevention and control goals of ex-ante correction, interim control, and ex-post management. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Hainan Branch of the State Administration of Foreign Exchange)

76. The unified macro-prudential management of cross-border financing shall be implemented fully, and all funds raised through cross-border financing by financial institutions and non-financial enterprises and loans granted abroad by non-financial enterprises in the Hainan Free Trade Port shall be included into the macro-prudential management. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, and Hainan Branch of the State Administration of Foreign Exchange)

77. The information monitoring and management system for capital flows shall be improved. It is imperative to continuously expand the scope of collection of capital flow data, achieve "smooth exchange of domestic and foreign currencies, consideration of both offshore and onshore situation, and unification of large and small amounts", and increase data association with departments in charge of market regulation, justice, taxation, and customs. Big data technologies shall be used fully to improve capital transaction models and make the monitoring of capital transactions more effective. The security protection system shall be upgraded continuously to effectively protect the security of capital flow data. Data governance shall be advanced, and authorization for data use shall be managed strictly. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Branch of the State Administration of Foreign Exchange, Big Data Administration of Hainan Province, Hainan Provincial Tax Service, State Taxation Administration, and Haikou Customs District P.R. China)

78. It is necessary to improve the institutional system and working mechanism for anti-money laundering, anti-terrorist financing and anti-tax evasion, give play to the role of the assessment mechanism for money laundering risks, and regularly assess the risks of money laundering and terrorist financing. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Higher People's Court, Public Security Department of Hainan Province, Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Hainan Provincial Tax Service, State Taxation Administration)

79. The role of the local coordination mechanism under the office of the financial committee (Hainan Province) shall be brought into full play to strengthen the coordination of financial regulation. The sharing channels for such information as industrial regulatory data, regulatory reports, major industrial matters, industrial operations and risks, and industrial regulatory measures shall be unblocked. It is required to cooperate with the Financial Stability and Development Committee under the State Council in clarifying territorial responsibilities of local governments at all levels, regulatory responsibilities of regulatory departments, and subject responsibilities of financial institutions. The evaluation, early warning and risk monitoring shall be strengthened, and such measures as rating, evaluation, risk warning, and early correction shall be adopted actively to urge financial institutions to operate steadily in compliance with laws and regulations, and effectively prevent and resolve financial risks. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Hainan Branch of the State Administration of Foreign Exchange, Hainan Provincial Financial Regulatory Bureau, Hainan Development and Reform Commission, and Department of Finance of Hainan Province)

80. It is imperative to establish and improve the response mechanism of local governments for financial risks, under which local governments shall assume the territorial responsibilities for the response to financial risks and the primary responsibilities for maintaining stability and dealing with emergencies in accordance with the unified rules of the central government. For major financial risks of local legal person institutions, local governments shall take the lead in organizing the relevant departments to formulate risk resolution and response plans, and actively promote the implementation thereof, to maintain local financial stability. Efforts shall be made to establish and improve the territorial management system for financial risks of the province, cities, counties, and key parks, accelerate the construction of the monitoring and early warning platform and the regulation mechanism for combating illegal financial activities, improve the list of rights and responsibilities, and gradually drive the realization of regulation by level. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Haikou Central Sub-branch of the People's Bank of China, Hainan Development and Reform Commission, Department of Finance of Hainan Province, Public Security Department of Hainan Province, Hainan Provincial People's Procuratorate, and Hainan Higher People's Court)

81. It is necessary to strengthen the identification, monitoring and evaluation of systemic financial risks, keep the bottom line of preventing systemic financial risks, and effectively regulate financial holding companies and systemically important financial institutions in accordance with laws and regulations. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Hainan Provincial Financial Regulatory Bureau)

(XXXII) Supporting the establishment of professional trial institutions related to finance and bankruptcy.

82. Support is given to the establishment of professional trial institutions related to finance and bankruptcy that shall learn from international finance-related judicial rules and governance experience, hear cases related to finance and bankruptcy in Hainan in a concentrated manner, improve the international and professional trial of cases related to finance and bankruptcy, and provide parties concerned with more high-quality and efficient judicial guarantees. (Responsible entities: Hainan Higher People's Court, Hainan Provincial Financial Regulatory Bureau, Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Hainan Branch of the State Administration of Foreign Exchange)

(XXXIII) Reinforcing the protection of rights and interests of financial consumers.

83. In accordance with the Opinions on Establishing a Diversified Resolution Mechanism for Financial Consumption Disputes, efforts shall be made to establish and improve a "one-stop" resolution mechanism for financial disputes, carry forward the construction of mediation organizations based on local conditions, gradually expand the business coverage of mediation organizations, and continuously improve service capabilities and service levels of mediation organizations. The connection mechanism for litigation and mediation of financial disputes shall be improved, and the non-litigation mediation of financial disputes shall be carried out through pre-litigation guidance and delegation, and entrustment during litigation. It is imperative to explore the establishment of a rapid judicial confirmation mechanism for mediation agreements on financial disputes, improve the legal effectiveness of mediation agreements, efficiently resolve conflicts and disputes, and protect the legitimate rights and interests of financial consumers. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, Hainan Provincial Financial Regulatory Bureau, and Hainan Higher People's Court)

84. The implementation of a system of representative litigation for securities disputes shall be explored. It is necessary to cooperate with the court system in carrying out special representative litigations for securities disputes, further optimize the litigation mechanism and procedures featuring "implicit participation, and express withdrawal", instruct small and medium investors to make good use of the system of representative litigation for securities disputes, and coordinate investor protection agencies to file a lawsuit on behalf of investors. (Responsible entities: Hainan Office of the China Securities Regulatory Commission, and Hainan Higher People's Court)

85. Financial management departments shall jointly promote the construction of financial education demonstration bases and investor education bases, actively carry out normalized, position-based, and systematic publicity and popularization of financial knowledge, explore new modes of financial education, give full play to the role of financial education of rural financial service stations and financial evening schools, and timely give prompts and early warnings on financial risks, to effectively prevent financial risks. It is required to actively drive the establishment of a national-level financial education demonstration base, and unite all parties to create a "big finance" education base with the characteristics of the Hainan Free Trade Port that covers banking, securities, futures, insurance and other financial knowledge. (Responsible entities: Haikou Central Sub-branch of the People's Bank of China, Hainan Office of the China Banking and Insurance Regulatory Commission, Hainan Office of the China Securities Regulatory Commission, and Hainan Provincial Financial Regulatory Bureau)

VII. Supporting Measures

86. The real economic environment shall be optimized. Focusing on the strategic positioning of "three zones and one center" (pilot zone for comprehensively deepening reform and opening-up, national pilot zone for ecological civilization, national major strategic service guarantee zone, and international tourism and consumption center), efforts shall be made to accelerate the development of the real economy, support the development of characteristic industries, enrich and strengthen market players, and strengthen the ability to undertake financial policies. It is imperative to improve the supporting policies for industrial development, and intensify the coordination and cooperation between policies for public finance, development and reform, ecology, and environmental protection and financial policies, to create a good supporting policy environment for finance to better serve the development of the real economy. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Development and Reform Commission, Department of Industry and Information Technology of Hainan Province, Department of Natural Resources and Planning of Hainan Province, Department of Finance of Hainan Province, and Department of Ecology and Environment of Hainan Province)

87. The financial industry environment shall be optimized. The policy system of the People's Government of Hainan Province for supporting the rapid development of the financial industry shall be improved along with supporting measures, to provide a good external environment for the rapid development of the financial industry. (Responsible entities: Hainan Provincial Financial Regulatory Bureau, Hainan Development and Reform Commission, and Department of Finance of Hainan Province)

88. The credit environment shall be optimized. It is imperative to improve the working mechanism for construction of the credit system, and credit regulations of the Hainan Free Trade Port, and accelerate the legislation of the Social Credit Regulations of the Hainan Free Trade Port. It is also necessary to improve the incentive measures for acts in good faith and punishment measures for acts in bad faith, enrich application scenarios for acts in good faith, and strengthen joint punishments for acts in bad faith. (Responsible entities: Hainan Development and Reform Commission, and Haikou Central Sub-branch of the People's Bank of China)

89. The environment of rule of law shall be optimized. The guidance and regulation of the financial market by the finance-related judicial trial function shall be brought into full play, to ensure the standardized operation of the financial market in accordance with the law. In line with international resolution rules on financial disputes, efforts shall be made to fully protect the legitimate rights and interests of the relevant market players in financial disputes, and provide law guarantees for the financial opening and innovation in the Hainan Free Trade Port. (Responsible entities: Hainan Higher People's Court, and Department of Justice of Hainan Province)

Appendix: List of Key Financial Projects Supporting Hainan to Comprehensively Deepen Reform and Opening-up

Appendix

List of Key Financial Projects Supporting Hainan to Comprehensively Deepen Reform and Opening-up