[Caixin: Bitcoin, stablecoins, and other financial 'testing grounds' will primarily be focused in Hong Kong rather than Hainan] Odaily Planet Daily News – As Hainan Island enters the phase of closed-off operations, the overall positioning of the Hainan Free Trade Port will complement rather than compete with Hong Kong. The report highlights that Hainan's core advantage lies in its proximity to China, the world's second-largest economy, offering greater physical space and a broader domestic market. Meanwhile, Hong Kong will continue to focus on its role as a global trade and international financial center. In terms of financial function layout, regulators will promote differentiated development. Caixin cited relevant statements indicating that financial innovations and 'testing grounds' such as Bitcoin and stablecoins are more likely to continue advancing in Hong Kong rather than being established in Hainan. The Hainan Free Trade Port will primarily serve as a node and hub for domestic and international markets, forming a complementary and coordinated relationship with Hong Kong in the financial sector. (Caixin)