The memorandum of understanding signed earlier this year between Hainan province and Hong Kong is more than a mere policy document. It’s a signal that two of China’s key gateways have entered a new phase of two-way coordination and shared ambition. Spanning multiple sectors such as finance, trade and investment, data, tourism and talent exchange, the memorandum underscores the deeply intertwined future of both places.In August, China launched a cross-border asset management pilot in the Hainan...