BEIJING, Feb. 25 (Xinhua) -- A new fund has been set up in China's southern province of Hainan on February 23 to facilitate the development of Hainan free trade zone (FTZ).
Jointly launched by the municipal government of Sanya, a tourist city of Hainan, and Hainan Development Holdings Co., Ltd., the Hainan Free Trade Zone Opening and Development Fund will be used to support related projects in Hainan, and its first phase of 3 billion yuan will be all invested in projects in Sanya.
It is reported that the fund will subsequently introduces other investors to increase its capital.
To guarantee the market operation of the fund, the initial sponsors also signed cooperation agreements with other financial institutions such as China Everbright Limited, GF Securities Co., Ltd., CITIC Trust Co., Ltd., etc.
The fund is expected to help the financial sector to better serve the construction of Hainan free trade zone and free trade port, as well as Hainan's real economy through functioning in tourism, environmental protection, and small and medium-sized enterprises (SME) growth, said Tong Daochi, member of the Standing Committee of the CPC Hainan Provincial Committee and secretary of the CPC Sanya Municipal Committee. (Edited by Li Wenxin, liwenxin@xinhua.org)
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