Hainan, China’s tropical holiday island, is pouring 3 billion yuan (€394 million) into the construction and launch of its Hainan Free Trade Zone (FTZ), China’s 12th FTZ zone. The island authorities hope to attract environmental protection industry companies to the island.
In the FTZ plans, the whole island of Hainan will become a free trade port with Chinese characteristics. With the money, financial support will be offered for environmental protection industry projects and small and micro businesses in Hainan.
Earlier, Hainan FTZ launched the Hainan Free Trade Account, a convertible accounting system with renminbi as its base currency, using unified accounting rules and taking into account types of different risk management between the renminbi and foreign currencies.
Xinhua reports that, with the Hainan Free Trade Account, businesses can conduct investment, financing, exchange and other cross-border transactions applicable to the Hainan Pilot Free Trade Zone.
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