OREANDA-NEWS. June 22, 2011. With the sign of a bilateral strategic cooperation agreement on June 12 in Haikou, Bank of China Hainan Branch (the Branch) and China (Hainan) Institute for Reform and Development (CIRD) have made the commitment on an all-round cooperation in infrastructure construction, credit support, finance and wealth management, resources sharing, attracting businesses and investment, and culture of commercial banks in the "12th Five-Year Plan" Period, in a joint effort to push forward the construction of Hainan International Tourism Island.

This groundbreaking agreement not only marks the beginning of an in-depth cooperation between financial institutions and government think tanks of Hainan province, but also symbolizes a major step toward building the Hainan International Tourism Island jointly by commercial banks and research institutions.

Bank of China has been providing support all along for the development of key industries such as hi-tech, transportation, energy, communication, economy and trade, and has made great contributions to the social and economic development in Hainan. It is by far the only financial institution that has received government awards for three consecutive years.

The total loans made by the Branch since 2008 mainly in support of large government-introduced enterprises and huge government-led projects have reached RMB 36.655 billion, greatly energizing the economic development of the province.

Chi Fulin, President of CIRD, indicated that, as an advanced government think tank, CIRD will in the future open more research and training bases in Haikou, Sanya and Wuzhishan, providing supporting facilities for forward-looking research and training more versatile talents for the construction of Hainan International Tourism Island. He also indicated that by working closely with Bank of China, CIRD and the financial sector will make joint efforts in seeking solutions to critical problems in financial reforms and innovation in Hainan, promoting the banking industry and the economic development of the province.