BEIJING, Dec. 8 (Xinhua) -- South China's Hainan Province will officially launch the free trade account system (FT Account) on January 1, 2019 in an effort to create favorable conditions for the construction of Hainan pilot free trade zone, said Shen Danyang, Vice Governor of Hainan Province recently at the Boao Forum for Enterpreneurs.
The Hainan FT Account system is a currency account under which the base currency, Chinese Renminbi, and foreign currencies can be converted into each other. The FT account is completely open to the world, while with limited penetration domestically, which is an important part of financial innovation.
On the premise of financial security, Hainan will learn advanced experience and focus on 10 key opening areas such as health care, education, telecommunications, Internet, finance and shipping to develop innovative businesses.
Besides Hainan, FT Account system has been approved in Shanghai.
(Edited by Yang Qi, Bao Nuomin, baonuomin@xinhua.org)
A single purchase
