2 1 Shi Ji Jing Ji Bao Dao·2025-09-23 14:02Core Viewpoint - The establishment of the EF account system in Hainan Free Trade Port facilitates cross-border capital flow, enhancing the efficiency and convenience for enterprises in international trade and investment [1][2]. Group 1: EF Account Overview - The EF account is a unified foreign and domestic currency account system established by banks in Hainan Free Trade Port, designed to streamline cross-border capital transactions [1]. - There are four types of EF accounts based on the account holder: EFE accounts for domestic institutions, EFN accounts for overseas institutions, EFF accounts for overseas individuals, and EFU accounts for domestic and foreign financial institutions [1]. Group 2: Benefits for Enterprises - Enterprises can complete cross-border fund transfers with just a payment instruction, eliminating the need for extensive documentation and approval processes, thus lowering operational costs [2]. - The EF account supports multiple currencies, including USD, EUR, and JPY, allowing enterprises to choose between onshore and offshore exchange rates for better financial management [2]. Group 3: Efficiency and Growth - The EF account has significantly improved the efficiency of cross-border transactions, reducing processing time from 1-2 days to 2-3 hours [3]. - As of August 2025, the number of cross-border settlement transactions has doubled compared to the previous year, with a notable increase in offshore trading activities [3]. Group 4: Future Prospects - The EF account will continue to provide robust financial support for higher levels of openness in Hainan Free Trade Port, adapting policies to meet the diverse financial needs of enterprises engaged in international trade [4].