Today, Hainan Free Trade Port officially closed its borders. I happen to be in Hainan recently and have been paying quite a bit of attention to this matter. I don't want to go on and on, but from a purely personal perspective regarding this policy, Hainan has hyped various concepts too many times since the 1980s. To be honest, I don't really believe it anymore. For instance, the six gentlemen of Wantong, including Feng Lun and Pan Shiyi, were already doing real estate in Hainan back when the mainland hadn't even started housing reform. If we talk about being ahead, they were indeed ahead, even by two eras, but every time it ends up being a flash in the pan with a lot of mess left behind. Many people have commented on this development. Optimistically, some say it can replace Hong Kong and Singapore, while pessimistically, others think it will ultimately end up unfinished. I don't know to what extent it can be achieved, as it is heavily influenced by policies. In the short term, it may have a significant impact on the lightest consumption. The Sanya duty-free shop is adding a new building, and many nearby real estate projects are also continuing to develop. For heavier offshore financial sectors that require both infrastructure and talent, don't expect anything substantial for at least five to ten years. However, it's worth mentioning that before the domestic crackdown on the crypto space, Hainan was truly one of the most crypto-friendly provinces. For example, the old Huobi has two Huobi buildings in Chengmai, and at that time, it claimed to develop blockchain in Hainan, but in the end, it also came to nothing. This place does have a tradition of openness, and if it really wants to develop, it still needs to issue special policies and licenses to create industries like those in Macau, such as horse racing and gambling, but currently, it seems difficult to grant such operating rights.