HSBC Haikou branch opens, first of its kind

Ti Gong

The Hainan free trade port announced on Monday the official opening of the Haikou branch of HSBC Bank (China) Co, the first international bank of its kind.

By leveraging HSBC's global network, the new branch will provide banking support for the Hainan free trade port's high-quality development and its role in connecting domestic and overseas markets.

It will focus on corporate banking, providing domestic and foreign businesses with a wide range of financial solutions in yuan and in foreign currencies.

"Hainan is becoming an investment hot spot for overseas businesses, with foreign investment in the first half of this year, increasing over sixfolds year on year," said Xia Ran, manager of HSBC Haikou Branch.

"We look forward to serving the growing cross-border financial needs of local businesses as well as helping international businesses tap into the local market," she added.

Thanks to its geographical and policy advantages, the port is striving to become the intersection for China's "dual circulation" growth.

In the past three years, Hainan has added more than 760,000 new market entities, more than the sum of the previous 30 years, data shows.

The utilization of foreign capital has doubled for three consecutive years, exceeding more than half of the total amount of foreign capital used in the previous three decades.

It is estimated that by 2025, the added value of Hainan's financial industry will reach 100 billion yuan (US$15.7 billion), with around 1,000 financial institutions of all kinds being established.