海南自贸港启动全岛封关后 跨境资金如何自由便利流动？

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18 marks a significant step in China's commitment to high-level opening-up and the construction of an open world economy. The closure is characterized as greater openness rather than isolation, facilitating more convenient cross-border trade and investment flows [1]. Group 1: EF Account Characteristics - The EF account allows for the free and convenient transfer of funds between multi-functional free trade accounts and overseas accounts, as outlined in the Hainan Free Trade Port's overall construction plan [2]. - The People's Bank of China is actively promoting the establishment of the multi-functional free trade account system, which aims to create a financial platform for external openness [2]. - The EF account features two main characteristics: first, it allows for convenient fund transfers across the "first line" with no restrictions on capital item business except for securities investment [2][3]. Group 2: EF Account Operations - The EF account operates through banks, with the Construction Bank being one of the pilot banks. For instance, Hainan Rubber opened an EF account at the Construction Bank and received a loan of 472 million yuan for purchasing raw materials [4]. - The EF account facilitates cross-border capital flows by reducing the time for funds to reach overseas subsidiaries, as demonstrated by Hainan Rubber's investment in its overseas subsidiary [4]. - The Hainan Provincial Branch of the State Administration of Foreign Exchange has developed over 20 innovative policies to promote cross-border trade and investment, including guidelines for qualified foreign and domestic limited partners [4]. Group 3: Cross-Border Asset Management Pilot - Hainan Free Trade Port is advancing the pilot for cross-border asset management, with the People's Bank of China and other departments collaborating to implement the pilot business [5]. - As of October 2025, four pilot institutions have submitted applications totaling 5 billion yuan, with dynamic management of the pilot scale being established [6]. - Two private placement pilot products have successfully completed the subscription by overseas investors, indicating progress in the cross-border asset management pilot [6].