On September 27, the Hainan Free Trade Port and ASEAN Countries Financial Cooperation Forum, hosted by the Hainan Local Financial Supervision and Administration Bureau and the Hainan Green Finance Research Institute, was held both online and in person in Hainan Province.

The Hainan Free Trade Port and ASEAN Countries Financial Cooperation Forum. [Photo / Wang Hui]

During the Forum, attendees discussed topics such as the developments and changes of the global economy, the economic and financial prospects of ASEAN countries, and economic and financial cooperation between Hainan and ASEAN member countries. Thanks to the enormous Chinese market, Hainan has broad prospects for cooperation with ASEAN countries in areas such as regional economic integration, green development, cross-border trade, investment and financing, and promotion of RMB internationalization, allowing the island to play a powerful role in driving regional industry chains.

A representative of the Financial Supervision and Administration Bureau explained that Hainan and ASEAN countries are geographically close, culturally close, and highly complementary in the areas of the economy, trade, and industry, and thus have great potential for cooperation and development. This is the first year for the RCEP agreement to enter into force, which is sure to bring new opportunities for financial cooperation between Hainan and ASEAN countries. It is hoped that through this forum, financial cooperation with ASEAN countries will be accelerated, and more pragmatic areas such as cross-border investment and financing will be explored.

Representatives attending the Forum included staff of the Malaysia, Cambodia, and Myanmar embassies in China, experts and scholars from China, Indonesia, Cambodia, Thailand, South Korea, and Japan, and the heads of the Hainan Provincial Party Committee, provincial government departments, financial supervision departments, and several financial institutions.