在此背景下，金融机构纷纷抢抓海南自贸港金融创新机遇，深化EF账户创新应用，提升跨境资金合规 流动便利。 记者了解到，建设银行海南省分行已实现EF账户项下经常项目与资本项目结算、离岸汇率交易、贸易 融资、跨境融资等多场景突破，截至11月该行服务国际结算客户同比增速近44%，国际结算量、跨境人 民币业务量同比增长89%、158%；交通银行海南省分行截至10月末EF账户业务规模突破460亿元，同时 依托EF账户协助海南省政府在香港发行离岸人民币地方债。 自上线以来，EF账户业务量持续提升，已成为海南自贸港资金跨境流动的重要基础平台。中国人民银 行数据显示，截至11月末，海南11家银行共开立EF账户，发生业务量折合人民币2950亿元，开户主体 与80个国家和地区发生资金划转。 12月18日，海南自贸港正式启动全岛封关。作为海南金融高水平开放的重要基础设施，海南自由贸易港 多功能自由贸易账户（EF账户）架起"跨境资金高速路"，助力企业全球化经营。 借助在中国银行开立的EF账户，浙商中拓集团（海南）有限公司的资金在境外子公司便利划转，支付 上游货款、归集下游回款十分顺畅。"不需要在线下提交大量纸质材料，也无需外汇登记、备 ...

Core Insights - Hainan Free Trade Port will officially start full island closure on December 18, 2025, marking a significant milestone in its development, characterized by a customs regulatory area with "one line open, one line controlled, and free movement within the island" [1] - Since the release of the overall plan for Hainan Free Trade Port, over 20 innovative financial policies have been introduced, establishing Hainan as a leading region for financial openness and innovation in China [1] Financial Infrastructure - The multi-functional Free Trade Account (EF Account) is a crucial financial infrastructure for Hainan's Free Trade Port, facilitating the free and convenient flow of cross-border funds [2] - The People's Bank of China has implemented a management system for cross-border fund flows and launched the EF Account, which has gained market recognition and expanded its service coverage [2][3] Cross-Border Financial Activities - As of October 2025, 11 banks in Hainan have opened 658 EF Accounts, with a total transaction volume of 2,689 billion RMB, covering transactions with 80 countries and regions [3] - The cross-border payment scale in Hainan reached 101.61 billion USD from January to November this year, with an average annual growth rate of 55% since 2020 [4] Investment and Financing - Hainan has seen significant growth in cross-border investment and financing, with 144 QFLP equity investment funds established, attracting 2.275 billion USD in cross-border inflows [5] - The total balance of loans in Hainan reached 14,101 billion RMB by the end of November, growing by 11.0% year-on-year, surpassing the national average growth rate of 4.7% [6]

Core Viewpoint - The establishment of the Hainan Free Trade Port marks a significant step towards financial liberalization and innovation, with a focus on facilitating cross-border capital flows and enhancing the financial policy framework [1][4]. Financial Preparation and Infrastructure - As of October 2025, all three financial preparations for the Hainan Free Trade Port's closure have been completed, including the enhancement of cross-border capital flow management and the launch of the multi-functional Free Trade Account (EF Account) [1][5]. - The EF Account serves as a crucial financial infrastructure, allowing for more convenient cross-border capital settlement, exchange, and investment services, and has gained market recognition with 658 accounts opened by 11 banks [4][5]. Cross-Border Capital Flow and Growth - The cross-border capital flow scale has shown significant growth, with a total of $101.61 billion in cross-border receipts and payments from January to November this year, reflecting an annual growth rate of 55% since 2020 [8]. - The implementation of unique financial policies, such as the cross-border asset management pilot program, has led to the successful launch of business activities with a total application scale of 5 billion RMB [8]. Cross-Border Investment and Financing - The cross-border investment and financing reforms have yielded positive results, with 144 QFLP equity investment funds established in Hainan, attracting a total of $2.275 billion in cross-border inflows [9]. - The use of cross-border RMB has expanded, with RMB cross-border receipts and payments amounting to 484.5 billion RMB from January to November, marking a year-on-year increase of 7.8% [9]. Financial Environment and Support - The People's Bank of China has implemented a moderately loose monetary policy to enhance financing accessibility in key areas, contributing to a total loan balance of 14.101 trillion RMB in Hainan, which is 11.0% higher year-on-year, surpassing the national average growth rate [9].

Core Viewpoint - Hainan Free Trade Port is set to officially launch its full island closure operation on December 18, 2025, marking a significant milestone in its development [1]. Financial Policy and System Development - Since the release of the "Overall Plan for Hainan Free Trade Port Construction" in 2020, a preliminary financial policy system has been established, positioning Hainan as a leader in financial openness and innovation in China [2]. - The People's Bank of China has been continuously improving financial policies and systems compatible with Hainan Free Trade Port, completing all preparations for the financial operations required for the closure [2]. Cross-Border Capital Flow - Hainan aims to achieve "free and convenient cross-border capital flow," with the establishment of the multi-functional free trade account (EF Account) system facilitating high-level cross-border capital movement [2]. - From January to November 2025, Hainan's cross-border payment and receipt scale reached $101.61 billion, with an average annual growth rate of 55% since 2020 [2]. - The cross-border RMB settlement scale reached 484.5 billion yuan during the same period, reflecting a year-on-year increase of 7.8% [2]. EF Account Implementation - The EF Account officially launched on May 6, 2024, with 11 banks in Hainan having adopted the system by the end of October 2025, facilitating transactions amounting to 268.9 billion yuan [3]. - The EF Account allows for convenient cross-border fund transfers and provides significant regulatory advantages for enterprises engaging in capital transactions with foreign accounts [3]. - As of October 2025, over 650 EF Accounts have been opened, with transactions occurring with 80 countries and regions, covering various business scenarios such as foreign exchange settlement and cross-border trade [4]. Growth in Foreign Trade and Investment - By the end of 2024, Hainan's foreign-related income and expenditure scale is projected to reach $108.63 billion, which is 2.9 times that of the end of 2021 [4]. - The number of enterprises involved in foreign trade and foreign exchange transactions in Hainan has increased to nearly 10,000 by October 2025, reflecting a 1.4 times growth since the end of 2021 [4].

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]

Core Viewpoint - The Shandong provincial government has issued a notice to promote 38 institutional innovation achievements from the China (Shandong) Pilot Free Trade Zone across the province, focusing on replicating successful reform experiences and best practices [1][3]. Group 1: Institutional Innovation Achievements - The 38 institutional innovations are categorized into two groups: 14 strong and effective innovations for replication as reform pilot experiences, and 24 high-integrated and demonstrative innovations as best practice cases for reference [1]. - The innovations cover various fields including trade facilitation, high-quality industrial development, financial openness and innovation, and government management innovation [2]. Group 2: Characteristics of Innovations - The innovations demonstrate significant reform effects, emphasizing broader and deeper reform initiatives, and fully implementing national strategies [1]. - Specific innovations include new models for tax and customs credit sharing, comprehensive reforms in marine equipment manufacturing and processing trade supervision, and new financing models for bonded standard warehouse receipts [2]. Group 3: Implementation and Coordination - Local governments are required to enhance implementation efforts to ensure the smooth progress and effectiveness of the replication and promotion work [3]. - The provincial commerce department will coordinate with relevant departments to strengthen oversight and guidance, promoting the shared benefits of free trade innovations across the province [3].

Group 1: Hong Kong Financial Market Developments - Hong Kong's stock market average daily trading volume exceeded $32 billion this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - PBOC has reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumption and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation [3] Group 3: Cross-Border Financial Cooperation - PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The issuance of offshore RMB central bank bills in Hong Kong has reached 255 billion yuan this year, with a total balance of 170 billion yuan [4] - The number of bank accounts opened by Hong Kong and Macau residents has reached 475,000, facilitating cross-border financial services [4] Group 4: Regulatory and Market Opening Initiatives - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan, including increased foreign ownership in financial firms and enhanced market connectivity [8] - The CSRC aims to improve cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC encourages international institutions to invest in China, emphasizing the importance of long-term investment and risk management [9]

Core Viewpoint - The Hong Kong International Financial Leaders Investment Summit highlighted the achievements of Hong Kong's financial market and the significant results of the mainland capital market's opening up, while outlining future directions for deepening financial cooperation between the mainland and Hong Kong, promoting financial innovation, and strengthening risk prevention systems [1] Group 1: Hong Kong Market Developments - Hong Kong's stock market averaged over $32 billion in daily trading volume this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies and is pushing for RMB stock trading [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - The PBOC has also reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumer and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation refinancing [3] Group 3: Offshore Market Development - The PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The PBOC has issued 2.55 trillion yuan in central bank bills in Hong Kong this year, with a total outstanding balance of 1.7 trillion yuan [4] - As of July, 475,000 bank accounts have been opened by residents of Hong Kong and Macau, facilitating transactions totaling 41.8 billion yuan [4] Group 4: Financial Cooperation and Innovation - The Financial Regulatory Administration emphasized the need to deepen financial cooperation between the mainland and Hong Kong, supporting the issuance of catastrophe bonds by mainland insurance companies in Hong Kong [5] - There is a focus on enhancing financial services in the Guangdong-Hong Kong-Macao Greater Bay Area and supporting Hong Kong's role as a financial service hub for mainland enterprises [5] - The collaboration in technology, green finance, and digital finance is encouraged to leverage Hong Kong's strengths in innovation and intellectual property protection [6] Group 5: Capital Market Opening - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan: full industry access, deepened market connectivity, and product opening [7] - The CSRC aims to enhance cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC welcomes more international institutions to invest in China, emphasizing the importance of legal compliance and risk management [8]

Core Insights - The Guangdong Free Trade Zone (FTZ) has seen significant developments in financial support and innovation over the past decade, particularly in cross-border trade and investment facilitation [1][7] - The introduction of the "FT Account" has provided companies with advantages in foreign exchange risk management, allowing for more efficient capital turnover and reduced costs [3][7] - The establishment of the cross-border data verification platform has enhanced the efficiency of credit assessments and loan approvals for businesses operating in the Guangdong-Macao cooperation zone [4][5] Financial Innovations - The "FT Account" allows for integrated onshore and offshore currency transactions, providing a more favorable exchange rate for enterprises, which has been crucial for companies facing long-term contracts and exchange rate volatility [3][7] - The implementation of the "fund flow credit information sharing platform" aims to address the credit information gap for small and micro enterprises, facilitating easier access to financing [5][7] Industry Impact - The shipbuilding industry in Guangzhou is experiencing high demand, with orders extending to 2029, but companies are increasingly concerned about the impact of currency fluctuations on profitability [2] - High-tech enterprises in the environmental monitoring sector are leveraging innovative financing solutions, such as the "fund flow + science and technology quick loan," to meet substantial R&D funding needs [6]

Core Insights - The Guangdong Free Trade Zone (FTZ) has seen significant developments in its ten years of establishment, with a focus on financial support and cross-border trade facilitation [1][7] - The introduction of the "Gold Reform 30" policies has improved cross-border RMB settlement, reducing exchange costs and enhancing capital turnover efficiency for businesses [1][7] - The FT account system has been instrumental in providing businesses with favorable exchange rates and risk management solutions [3][7] Group 1: Financial Innovations and Support - The FT account offers a more advantageous exchange rate compared to domestic forward settlement rates, allowing companies to hedge against currency risks effectively [3] - A shipbuilding company has secured forward settlement of $64 million through the FT account, demonstrating the practical benefits of the financial policies in the FTZ [3] - The cross-border data verification platform has streamlined the loan approval process for individuals and businesses, enhancing efficiency and reducing operational costs [4][5] Group 2: Business Growth and Challenges - A shipbuilding enterprise has orders extending to 2029 but faces significant risks from currency fluctuations, highlighting the sensitivity of export-oriented companies to exchange rate volatility [2] - A high-tech company in the environmental monitoring sector has benefited from tailored financing solutions that leverage data flow for credit assessment, resulting in a quicker loan approval process [6] - The establishment of a national credit information sharing platform aims to support small and micro enterprises in obtaining financing by addressing credit information gaps [6]