自2020年《海南自由贸易港建设总体方案》发布以来，海南自贸港金融政策制度体系初步搭建，金融开 放政策框架逐步建立，海南自贸港成为金融开放创新政策全国领先的地区之一。近年来，中国人民银行 持续完善与海南自贸港相适应的金融政策和制度体系，目前，封关运行的金融准备工作已全部完成。 近年来海南锚定"跨境资金流动自由便利"目标，推动一批金融创新政策在海南先行先试，构建多功能自 由贸易账户（下称"EF账户"）体系，开展跨境投资高水平试点、跨境资管业务试点等工作，金融开放 创新蹄疾步稳。2025年1月至11月，海南省跨境收支规模达到1016.1亿美元，2020年以来年均增长率达 55%。跨境人民币结算规模持续扩大，1月至11月海南省人民币跨境收付额达4845亿元，同比增长 7.8%。 近年来，中国人民银行积极推动EF账户建设工作，进一步完善相关跨境资金流动管理政策。2024年5月 6日，海南自贸港EF账户正式上线运行。截至2025年10月末，海南已有11家银行上线EF账户，EF账户发 生业务量折合人民币2689亿元；开户主体通过EF账户与80个国家（地区）发生资金划转。 跨境资金流动自由便利是海南自贸港的主要政策制度之一 ...

Core Viewpoint - Hainan Free Trade Port is entering a new phase of full island closure operations, with all financial preparations completed by the People's Bank of China, aiming to enhance cross-border capital flow and financial innovation [4][5]. Financial Infrastructure - The multi-functional Free Trade Account (EF Account) has become a key player in cross-border capital flow, with a business volume reaching 268.9 billion RMB, marking it as a significant contributor in Hainan [6][7]. - As of October 2025, 11 banks in Hainan have launched EF Accounts, with a total of 658 accounts opened, facilitating capital transfers with 80 countries and regions [7][8]. Policy and Regulation - The People's Bank of China has established a unified account system for domestic and foreign currencies to support high-level free and convenient cross-border capital flow, enhancing services for both domestic and foreign clients [8]. - A management approach for the EF Account has been implemented to ensure regulatory support for cross-border capital flow, alongside a monitoring mechanism to improve financial risk prevention [9]. Trade and Investment Growth - Hainan's foreign exchange income and expenditure reached 108.63 billion USD by the end of 2024, which is 2.9 times higher than at the end of 2021, with nearly 10,000 enterprises listed for foreign exchange transactions by October 2025 [12]. - The expansion of high-level open pilot policies across Hainan aims to facilitate compliance in cross-border trade and investment, significantly boosting the local economy [11][13]. Innovative Financial Products - Recent pilot projects have seen the issuance of private fund products for overseas investors, indicating a growing trend in cross-border investment activities [14].

2020年《海南自由贸易港建设总体方案》发布以来，中国人民银行持续完善与海南自贸港相适应的金融 政策和制度体系，扎实做好金融改革发展稳定各项工作，有力支持海南自贸港建设成型起势。 12月18日，海南自由贸易港将要正式启动全岛封关。据悉，封关三项金融准备工作全部完成。 一是跨境资金流动管理制度进一步完善。《海南自由贸易港多功能自由贸易账户业务管理办法》制定发 布，为跨境资金自由流动提供制度保障。 二是多功能自由贸易账户上线运行。 多功能自由贸易账户（EF账户）是中国人民银行和国家外汇管理局贯彻落实党中央、国务院决策部 署，为支持海南自由贸易港跨境资金高水平自由便利流动，服务海南实体经济发展，构建的本外币合一 账户体系。据悉，自EF账户上线以来，系统运行平稳，试点企业不断增加，业务量持续提升。截至 2025年10月末，海南省共有11家银行上线EF账户，分别为工行、农行、中行、建行、交行、中信、浦 发、招行、光大、兴业和国开行的省级分行，共开立EF账户658个，其中，EFN账户362个，EFE账户 292个，EFF账户2个，EFU账户2个。EF账户发生业务量折合人民币2689亿元。开户主体通过EF账户与 80个国家 ...

Core Insights - The implementation of the EF account has significantly expedited cross-border payments, reducing transaction time from three days to just a few minutes [1][2] - The cross-border financial policy innovations in Hainan Free Trade Port have been driven by a dedicated team of professionals from central financial regulatory bodies, resulting in substantial progress in cross-border fund flow policies [2][4] Group 1: Cross-Border Financial Innovations - The establishment of the EF account and cross-border asset management pilot has been a key achievement, with 547 EF accounts opened and a total business volume equivalent to RMB 1970.48 billion as of August [2][3] - The cross-border fund concentration operation center (CTC) is being developed as a crucial platform for financial policy implementation, with four enterprises recognized and a total registered capital of 2.2 billion [3] - The offshore RMB bond issuance has reached a cumulative scale of 20.3 billion, providing diverse financing channels for the Hainan Free Trade Port [3] Group 2: Trade and Investment Facilitation - The high-level opening and facilitation policies for cross-border trade and investment have been expanded from Yangpu Economic Development Zone to the entire Hainan Province, with a total of USD 42.6 billion in pilot business transactions benefiting 268 quality enterprises [4] - Continuous evaluation and adjustment of policies are emphasized to ensure effective implementation and responsiveness to market needs, with nearly 100 enterprise visits conducted to gather feedback [4][5] - The commitment to ongoing support for Hainan's Free Trade Port development remains strong, with expectations for sustained financial innovation to enhance business convenience [5]

Core Viewpoint - China Construction Bank's Hainan branch is enhancing cross-border financial services to support the high-quality development of Hainan Free Trade Port, focusing on facilitating capital flow and empowering the real economy [3][18]. Group 1: Cross-Border Financial Services - The Hainan branch has launched the EF account, which is crucial for cross-border capital flow, with 65 accounts opened and a settlement volume of approximately 87 billion RMB by the end of August [5][7]. - The bank has successfully executed various financial services under the EF account, including trade financing and offshore exchange rate transactions, and has organized 19 promotional events to enhance awareness and collaboration [6][7]. - International settlement clients and cross-border RMB clients have seen a growth rate of nearly 40%, with international settlement volume and cross-border RMB business volume averaging a growth of nearly 50% [7]. Group 2: Support for New Productive Forces - Hainan Construction Bank has provided 50 million RMB in working capital loans to Hainan Hangxin, a semiconductor chip manufacturing project, aiding in production expansion [8][9]. - The bank has developed a comprehensive evaluation system that incorporates a company's technological capabilities into financing decisions, thus facilitating long-term loan solutions for businesses [9]. - The bank's support has enabled Hainan Hangxin to stabilize and expand production, with an expected output value of 100 million RMB by 2025 [9]. Group 3: Focus on Key Industries - The bank has tailored financing solutions for Hainan Zhongzheng Aquatic Technology Co., providing 10 million RMB in supply chain financing to support its operations [14][15]. - Hainan Construction Bank has established a comprehensive financial service ecosystem for "Hainan Fresh Products" brand enterprises, offering a range of financial services to meet diverse needs [15]. - By the end of August, the bank's loans to high-tech industries reached 2.71 billion RMB, with an increase of 845 million RMB this year [13][16]. Group 4: Commitment to Real Economy - The bank has actively directed financial resources towards technological innovation, with loans to tech enterprises reaching 3.39 billion RMB, a year-on-year increase of 83.84% [16]. - The bank's green loans have grown by 12.41% in the first eight months of the year, supporting local economic transitions to green and low-carbon development [16]. - The bank has supported over 22,300 small and micro enterprises with a total loan amount exceeding 22 billion RMB, leading local financial institutions in both loan volume and number of clients [16].

Core Points - The "Regulations on Foreign Investment in Hainan Free Trade Port" were published to optimize the foreign investment promotion system and improve the investment environment for foreign enterprises [1][2] Investment Promotion - The regulations aim to align Hainan Free Trade Port with international high-standard economic and trade rules, implementing a negative list management system for foreign investment [2] - There will be gradual relaxation or removal of restrictions on foreign equity and senior management requirements, focusing on key industries such as tourism, modern services, high-tech industries, and tropical agriculture [2] Financial and Data Support - The regulations enhance support for financial and cross-border data flow, encouraging financial institutions to innovate in facilitating cross-border capital movement and investment [2] - A management facilitation system for qualified foreign limited partners will be established, promoting safe and orderly cross-border data flow for foreign-invested enterprises [3] Protection of Foreign Investment Rights - Foreign investors are allowed to freely remit capital, profits, and other earnings in RMB or foreign currency without restrictions on currency type, amount, or frequency [3] - A multi-faceted dispute resolution mechanism will be established to provide efficient and convenient solutions for foreign investors [3] Service Platform and Visa Policies - The regulations propose improvements to the foreign investment service platform, offering various conveniences for foreign investors and expatriates [3] - A broader visa exemption policy will be implemented, extending the duration of stay to facilitate talent exchange and business negotiations [3]

Core Insights - The establishment of the EF account in Hainan Free Trade Port has significantly facilitated cross-border capital flow, with over 330 accounts opened and a transaction volume exceeding 120 billion RMB as of early May 2023 [4][5] - The EF account allows for more convenient and cost-effective foreign exchange operations for enterprises, saving approximately 300 RMB per $10,000 in transaction costs [3][4] - The QFLP and QDLP policies are enhancing cross-border investment opportunities, attracting foreign capital into Hainan and allowing domestic funds to invest abroad [5][6] Financial Innovations - The EF account serves as a "currency bridge" between Hainan and foreign markets, enabling seamless cross-border transactions [4] - As of May 2023, 19 countries and regions have opened EF accounts in Hainan, with funds flowing to and from 48 countries [2][5] - The total foreign exchange revenue and expenditure in Hainan is projected to reach $108.63 billion in 2024, marking a significant milestone for the region [2] Policy Developments - The Hainan Free Trade Port has implemented a series of financial policies aimed at enhancing cross-border capital flow, including the expansion of the cross-border trade and investment pilot program [8] - The establishment of a cross-border capital centralized operation center is expected to further streamline financial operations and enhance the region's attractiveness for foreign investment [8] - The financial policies in Hainan are designed to create a secure and efficient environment for both domestic and international businesses, promoting a robust financial ecosystem [5][8]