Hainan: Pilot digital renminbi in the entire island

On November 23, the General Office of the People’s Government of Hainan Province issued the “Fourteenth Five-Year Development Plan for the Financial Industry of Hainan Province” (hereinafter referred to as the “Development Plan”). The “Development Plan” puts forward seven major development goals, including launching digital renminbi pilots across the island, exploring digital renminbi application scenarios with Hainan Free Trade Port characteristics, and building a digital renminbi ecosystem. Steadily explore the development of offshore financial business, and gradually cultivate the offshore RMB market in the Hainan Free Trade Port. Reasonably guide the flow of funds and reduce the cost of funds. Implement the inclusive financial service improvement project, build an inclusive financial demonstration zone, and build an inclusive financial system that matches the goal of achieving common prosperity.

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