Caixin: Financial "experimentation fields" such as Bitcoin and stablecoins will primarily be located in Hong Kong rather than Hainan.

According to Odaily Planet Daily, with Hainan Island entering the closed-loop operation phase, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. The report points out that Hainan's core advantage lies in its proximity to China, the world's second-largest economy, providing greater physical space and a larger hinterland market, while Hong Kong will continue to focus on its functions as a global trade and international financial center.

Regarding the layout of financial functions, regulators will promote differentiated development. Caixin, citing relevant statements, indicated that financial innovations and "experimentation fields" such as Bitcoin and stablecoins are more likely to continue to be developed in Hong Kong, rather than in Hainan. The Hainan Free Trade Port will primarily serve as a node and hub connecting domestic and international markets, forming a differentiated synergy with Hong Kong in the financial sector. (Caixin)