(Yicai Global) April 1 -- The regional administration of China's southern Hainan province will  join hands with a financial free zone in Abu Dhabi to enlarge the  Chinese free trade zone's influence. 

Hainan and Abu Dhabi  Global Market penned a memorandum for cooperation to help Hainanese  companies to expand their business, find funding, and invest in the  Middle East and North Africa, the pair told Yicai Global in a signing  ceremony during the Boao Forum for Asia in Hainan.

China turned the island province of Hainan into an FTZ last April to boost business activity. 

The Middle Eastern partner will provide legal services and assist  Hainanese firms to assess risks. The pair will collaborate to optimize  the structure of the FTZ, improve its financial services, and seek to  internationalize the Chinese yuan. They will also aim to advance free  trade along the Belt and Road initiative, referring to President Xi  Jinping's international investment plan. 

The United Arab Emirates  is one of the first countries to take part in the Road and Belt  initiative, and also one of the founding members of the Asian  Infrastructure Investment Bank which is a multilateral lender that  supports projects in the Asia-Pacific region.

Editor: Emmi Laine