On December 18, Hainan Free Trade Port officially entered a new phase of island-wide customs closure operation. As the first international bank to establish operations in Hainan FTP, Wang Yunfeng, President and CEO of HSBC Bank (China) Company Limited, stated: "The island-wide customs closure of Hainan Free Trade Port marks China's resolute commitment to high-level opening-up and building an open world economy. This represents a significant milestone in FTP development. As China's 'testing ground' for high-standard openness, Hainan FTP has achieved remarkable progress, particularly in aligning with international rules and expanding institutional openness. Post-closure, its trade and investment liberalization will be further enhanced, with greater breakthroughs expected in financial service innovation and openness, especially in areas like cross-border connectivity with overseas markets."
"Since entering Hainan FTP, HSBC has provided financial support to numerous domestic and international enterprises expanding cross-border operations. Leveraging our global network and service advantages, we've assisted Hainan's government agencies and companies in raising capital from overseas markets, channeling more international funds into the port's development," Wang added. "After the customs closure, we anticipate Hainan will further solidify its role as a vital gateway for opening-up, becoming a hub for more global enterprises expanding cross-border trade. At this new historical starting point, we will collaborate with other financial institutions to seize emerging opportunities from the port's closure. By capitalizing on our cross-border financial expertise, we'll expand specialized services to function as a financial bridge in building a world-class free trade port."
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