迈向封关：金融护航海南自贸港开放新征程

Core Viewpoint - Hainan Free Trade Port will officially start its full island customs closure operation on December 18, marking a significant milestone in its development as a special customs supervision area, promoting higher levels of liberalization and facilitation in trade and investment [1] Financial Policies and Innovations - The People's Bank of China has continuously improved financial policies and institutional frameworks to support the construction of Hainan Free Trade Port since the release of the overall plan in 2020 [1] - The introduction of the multi-functional free trade account (EF account) aims to facilitate high-level cross-border capital flow, with the EF account officially launched in May 2024 [2][3] - The EF account allows for seamless cross-border transactions, enabling businesses to bypass traditional restrictions and streamline processes, significantly reducing transaction times from 1-2 days to 2-3 hours [3] Trade and Investment Facilitation - Hainan Free Trade Port has become a national leader in financial openness and innovation, with various trade and investment facilitation reforms being piloted [4] - As of October 2025, Hainan has seen a total of 430.5 billion USD in cross-border trade facilitation pilot businesses and 28 billion USD in cross-border investment and financing facilitation pilot businesses [6] Cross-Border Financing Developments - By October 2025, 144 QFLP (Qualified Foreign Limited Partner) equity investment funds have been established in Hainan, with a total of 2.275 billion USD in cross-border inflows, while 15 QDLP (Qualified Domestic Limited Partner) fund management companies have also been set up, facilitating 1.346 billion USD in cross-border outflows [8] - The cross-border RMB payment volume reached 484.5 billion RMB from January to November 2025, reflecting a year-on-year growth of 7.8% [8] Future Outlook - The full island customs closure operation is seen as the starting point for a higher level of openness, with financial services transitioning from backend support to frontline empowerment [9] - The ongoing financial innovations and policy implementations are expected to enhance Hainan's attractiveness for both domestic and international businesses, fostering a vibrant economic environment [9]