初期总规模100亿元！海南，大消息→

Core Viewpoint - The implementation details for the cross-border asset management pilot program in Hainan Free Trade Port have been finalized, aiming to attract foreign investment and enhance the international financial service level in the region [1][2]. Summary by Sections Pilot Program Details - The initial pilot program has a total scale limit of 10 billion RMB, allowing foreign investors to invest in various asset management products issued by financial institutions in Hainan [1][2]. - The pilot program will officially take effect on August 21, 2025, with a 180-day initial phase where only licensed foreign financial institutions or legitimate Chinese enterprises abroad can participate [2][4]. Product Scope and Investor Protection - The asset management products eligible for investment include publicly offered securities investment funds, private asset management products from securities fund futures operators, and insurance asset management products, categorized by risk levels R1 to R4 [3][4]. - Foreign investors can use funds from both domestic and foreign sources to purchase these products, with specific requirements for individual investors using domestic funds [2][3]. Historical Context and Future Implications - Since the announcement of the Hainan Free Trade Port construction plan in 2020, several commercial banks have engaged in preliminary pilot work, with a total of 360 million RMB in cross-border asset management pilot business reported by June 2023 [4]. - The pilot program is seen as a significant step in China's phased opening of capital projects, potentially creating a unique channel for foreign capital to enter the Chinese market [5].