Recently, the General Office of the Hainan Provincial People's Government released the "Hainan Province '15th Five-Year Plan' Service Industry Development Plan." The blueprint sets a target for the service sector's added value to maintain an average annual growth rate of over 6% during the 15th Five-Year Plan period. By 2030, the service sector is projected to account for approximately 61% of the regional gross domestic product, solidifying its role as the primary engine of the local economy.

Strategic Steps for Financial Sector Development

Regarding the enhancement of modern financial structures, the plan outlines initiatives to actively attract licensed financial institutions from both domestic and international markets. It also aims to support the high-quality development of Hainan's trading venues. Specific measures include attracting leading foreign banks, securities firms, fund management companies, bank wealth management subsidiaries, insurance asset management companies, financial asset investment firms, and trust companies to establish wholly-owned or joint-venture legal entity financial institutions within the province. The plan further seeks to draw in property insurance companies, life insurance companies, reinsurance companies, as well as mutual insurance organizations and captive insurers.

Expanding Financial Support Mechanisms

In terms of strengthening financial support, the plan proposes to broaden financing channels. It intends to intensify the cultivation of enterprises preparing for public listing through specialized research, policy briefings, and experience-sharing sessions. Efforts will be made to expand direct financing avenues by conducting regular training on multi-level capital market policies. Financial institutions will be guided to offer financing secured by movable assets and rights, such as inventories, purchase orders, and warehouse receipts, provided such activities comply with laws and regulations and maintain controllable risks. The plan also emphasizes actively attracting long-term, patient capital from insurance and banking sectors, fostering the growth of private equity and venture capital funds, and constructing a high-quality regional equity market. Additionally, it aims to leverage the national venture capital guidance fund and optimize the promotion of the "innovation credit system."