金融政策制度持续完善 支持海南自贸港建设成型起势

Core Viewpoint - Hainan Free Trade Port officially commenced full island closure operations on December 18, 2025, supported by the People's Bank of China (PBOC) through the establishment of financial policies and systems tailored to the port's needs [1] Financial Preparations - All three financial preparations for the closure have been completed, including the enhancement of cross-border capital flow management systems and the launch of the multi-functional free trade account (EF account) [1] - By the end of October 2025, 11 banks in Hainan had launched EF accounts, with transaction volumes exceeding 250 billion RMB, and funds were transferred with entities in 80 countries and regions [1] - The cross-border capital flow monitoring and early warning mechanism has been improved, enhancing the ability to prevent cross-border financial risks [1] Financial Innovation and Cross-Border Transactions - The PBOC is advancing financial innovation policies aimed at achieving "free and convenient cross-border capital flow," resulting in a continuous increase in cross-border revenue and expenditure [1] - From January to November 2025, Hainan's cross-border revenue and expenditure reached 101.61 billion USD, with an average annual growth rate of 55% since 2020 [2] Cross-Border Trade and Investment - Hainan has seen significant progress in high-level openness for cross-border trade and investment, with a total of 43.05 billion USD in cross-border trade facilitation pilot business and 2.8 billion USD in cross-border investment and financing pilot business since the policy's implementation [2] - By the end of October 2025, 144 qualified foreign limited partners (QFLP) equity investment funds had been established in Hainan, with a cumulative cross-border inflow of 2.275 billion USD [2] Cross-Border RMB Settlement - The PBOC is focusing on expanding the use of cross-border RMB, with the total RMB cross-border payment and receipt amount in Hainan reaching 484.5 billion RMB from January to November 2025, reflecting a year-on-year growth of 7.8% [2] Asset Management Pilot Programs - As of the end of October 2025, the PBOC's Hainan branch received applications from four pilot issuing institutions, with a total initial application scale of 5 billion RMB [3] - Two private placement pilot products were successfully subscribed by overseas investors, completing the fund transfer process [3]