China Securities Regulatory Commission has approved the establishment of the first public fund management company in Hainan Province (South China). This was reported by the Hainan International Communication Network (HICN).
The company was named Huibaichuan Fund Management. As the resource points out, public funds are playing an increasing role in promoting the development of the real economy, improving the management of companies on the market, as well as attracting highly qualified professionals and helping to increase real estate income.
Setting up Huibaichuan Fund Management is a measure taken by the authorities to support the development of a free trade port project in Hainan. The company, according to HICN, should play an important role in managing cross-border assets, investments and finances in order to increase the openness of Hainan's free trade port.
Hainan's free trade port program was unveiled in June 2020. It envisages turning the island into a special customs zone. China's authorities expect to complete the free port as a whole by 2025, at which point the island should have a system to ensure free trade and investment.
By 2035 the free port model will become more defined. Hainan will have the freedom of trade and investment, cross-border movement of capital, travel, and freight transportation.
