With Hainan Island entering the customs clearance 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. In terms of financial function layout, regulators will promote differentiated development. Caixin, citing relevant statements, indicates that financial innovations and "experimentation" fields such as Bitcoin and stablecoins are more likely to continue to be implemented in Hong Kong, rather than in Hainan. The Hainan Free Trade Port will primarily serve as a node and hub for domestic and international markets, forming a differentiated synergy with Hong Kong in the financial sector. (Caixin)