The government of Hainan recently announced that a new pilot plan for offshore financial business has been carried out.

This policy is regarded as one of the core content policies among a series of preferential policies granted by the central government.

The policy, which will help speed up the construction and development of international tourism on the island, will encourage international financial institutions, as well as multinational companies, to set up shop in in Hainan.

Under the policy, the short-term goal for offshore financial business is to set up a tourism-related regional financial center and Yapu bonded port zone, a Haikou comprehensive bonded zone and a large-scale offshore commercial banking services center, before it is fully established as an offshore financial island.

The scope of the policy also includes developing five characteristic business services related to multinational travel agents, cross-border trade and logistics and non-island residents’ offshore business and offshore RMB business

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