Core Viewpoint - The recent developments in Hainan, China, particularly the establishment of a "multi-functional free trade account," are reshaping the financial landscape in Asia by enabling direct trade settlements in Renminbi, thereby challenging the dominance of the US dollar system [1][2][3] Financial Developments - Hainan's new financial mechanism allows Southeast Asian countries to conduct trade directly in Renminbi, bypassing the need to convert currencies to US dollars [2] - The cross-border Renminbi settlement volume in Hainan reached an impressive 484.5 billion yuan within the first 11 months before 2025, indicating a significant shift towards a Renminbi-centric trade system [3] Trade and Logistics - The direct shipping route from Indonesia to Hainan has reduced logistics costs by over 30%, significantly benefiting exporters like palm oil and durian traders [6][7] - The trade volume between Hainan and ASEAN countries surged from 23.66 billion yuan in 2020 to 57.91 billion yuan in 2024, more than doubling in just four years [14] Economic Impact - Hainan's policies are attracting foreign businesses, including Japanese firms, to establish operations in the region due to favorable tax rates and the potential for increased market access [9][11] - The zero-tariff items entering Hainan increased from approximately 1,900 to 6,600 after the implementation of new trade agreements, enhancing the region's appeal as a trade hub [16] Industry Growth - Hainan is becoming a significant connector between China and ASEAN, with local industries, including aerospace and food processing, experiencing substantial growth due to favorable policies [19][20][22] - Companies in Hainan are reporting significant cost savings and increased production capabilities, with some businesses claiming that savings from reduced tariffs could fund new ventures [20][22] Strategic Concerns - The success of Hainan's model poses a threat to countries that have historically dominated global trade and industry rules, as it demonstrates a viable alternative to existing systems [23]

Group 1 - The core viewpoint of the articles emphasizes the role of Postal Savings Bank in supporting the development of Hainan Free Trade Port through innovative financial services and products, particularly in cross-border trade and tourism [1][2][3] Group 2 - Cross-border trade is identified as a key engine for the development of Hainan Free Trade Port, with Postal Savings Bank leveraging its differentiated credit policies and innovative preferential policies to provide personalized services for cross-border business clients [1] - The bank has been approved as a pilot bank for high-level open cross-border trade in Hainan Province and Yangpu, enhancing the efficiency of fund utilization and reducing transaction costs for enterprises [1] - The tourism industry is highlighted as a significant asset for Hainan, with expectations of over 100 million visitors by 2025, and the bank is collaborating with various institutions to create a "finance + consumption" ecosystem to boost consumer spending [2] - Postal Savings Bank has initiated exclusive discount activities with five major duty-free brands and has deployed smart POS machines supporting digital RMB to facilitate consumer transactions [2] - The bank's financial support has enabled local enterprises, such as Hainan Zhongjian Cable, to enhance their technological capabilities and production capacity, addressing the financing challenges faced by technology-driven companies [2] - The bank is innovating financing solutions for small enterprises, focusing on personalized plans to overcome traditional barriers in securing loans for technology firms [2]

海南自由贸易港全岛封关运作今天正式启动。保障跨境资金高水平自由便利流动，是封关运作的一大挑战，中国人民银行创新推出多功能自由贸易账 户，实现资金与境外账户间依法自由划转、高效流通。 0:00 / 2:22 在海南洋浦港，这家造纸企业因业务覆盖全球，对跨境结算时效性要求较高。当地金融机构通过多功能自由贸易账户为企业一站式办理跨境资金结算、 汇兑、投融资等业务，"免额外审核、免补充资料"的极简流程，让资金流转效率大幅提升。 海南金海浆纸业有限公司财务总监 赵文龙：它的优势就出来了，因为它只需要凭指令，对于企业来讲的话，我就跟在境内来划转人民币一样，直接就 划转资金了，不像需要经过事先的审批等等这些手续。所以说对企业资金的使用效率是提高了很多。 除了结算便利，多功能自由贸易账户的离岸汇率优势更让企业尝到"真金白银"的甜头。不久前，该企业一笔2300万美元的结汇业务，就因此直接节省了 一大笔财务成本。 赵文龙：我们企业的结算可以在两个账户之间去做选择，用哪个账户的汇率，哪个对我有利，我就去做购汇结汇。 多功能自由贸易账户的应用场景正从基础结算向复杂金融服务快速扩容，也成为企业拓展国际市场的有力支撑。 工商银行海南省分 ...

南海潮涌，开放扬帆。 2025年12月18日，海南自由贸易港正式启动全岛封关。在这片生机勃发的热土上，邮储银行以专业、创新、开放的金融服务，深度融入区域发展进程，积 极响应当地政策导向与市场需求。 从推动跨境贸易便利化到支持旅游消费升级，从助力科技企业成长到促进产业开放融合，邮储银行以多元化的金融产品与服务，全面展现国有大行在自贸 港建设中的责任与作为，成为助推海南高质量发展的金融中坚力量。 这一系列举措，助力企业提升资金使用效率、降低交易成本，为跨境贸易提供坚实金融支撑，让"买全球、卖全球"在琼州大地更便捷、更高效。 擦亮"旅游名片"：消费金融 激活"活力引擎" "扫码领300元免税消费券，来海口免税店购物还能领到这么高的福利券！"游客在邮储银行"约惠海南-乐享免税"的宣传链接上抢到券后，直奔免税店下 单，"没想到邮储的活动这么实在，住宿、餐饮、购物都能用，一家三口省了小两千！" 链接全球市场：跨境金融 畅通"开放动脉" 邮储银行海南省分行依托总行跨境金融服务平台，充分利用总行的差异化授信政策优势和自贸港各项创新优惠政策，为跨境业务客群提供个性组合服务； 同时加快推进多功能自由贸易账户的建设和验收，提升跨境 ...

Core Viewpoint - The introduction of the multi-functional free trade account by the People's Bank of China significantly enhances the efficiency of cross-border capital flow, addressing challenges in high-level free and convenient movement of funds [1][6]. Group 1: Multi-Functional Free Trade Account - The multi-functional free trade account allows for legal and efficient transfer and circulation of funds between domestic and overseas accounts, streamlining cross-border settlement processes for businesses [1]. - The simplified process of cross-border fund settlement, which eliminates additional reviews and supplementary documentation, has greatly improved the efficiency of capital flow for enterprises [1]. - The offshore exchange rate advantages provided by the multi-functional free trade account have resulted in substantial financial savings for companies, exemplified by a recent $23 million settlement that saved significant costs [1]. Group 2: Business Expansion and Financial Services - The application scenarios for the multi-functional free trade account are rapidly expanding from basic settlement to complex financial services, supporting enterprises in their international market expansion [3]. - Innovations in cross-border financing, including offshore USD financing and domestic RMB exchange rate swaps, are being developed in conjunction with the free trade port policies, promising further benefits for businesses [3]. Group 3: Banking and Financial Data - As of November 2025, 11 banks in Hainan have launched the multi-functional free trade account, facilitating a business volume equivalent to RMB 295 billion, with fund transfers involving entities from 80 countries and regions [4]. - The People's Bank of China in Hainan plans to deepen the pilot for cross-border asset management and continuously expand cross-border investment and financing channels following the full closure of the island [6].

Core Insights - The establishment of the Hainan Free Trade Port marks a new phase in its strategic positioning as a comprehensive reform and opening-up pilot zone, aiming to create a new high ground for institutional openness and align with international high-standard economic and trade rules [1][2] Taxation Policies - Hainan Free Trade Port has implemented "zero tariff" and processing value-added tax exemption policies, significantly reducing the import costs of raw materials and customs clearance for enterprises [2] - The preferential measures for corporate income tax and individual income tax further enhance profit retention for businesses and attract talent [2] Financial Opening - The establishment of multi-functional free trade accounts facilitates cross-border capital flow for enterprises, lowering the cost of capital operations [2] Industry Support Policies - Hainan Free Trade Port provides key support to core industries such as tourism, modern services, and high-tech industries through special support policies and tax incentives, promoting technological breakthroughs and industrialization [2] - Innovative developments in bonded processing, transshipment trade, and cross-border e-commerce have created an efficient and convenient domestic open environment [2] Market Impact - The closure policy of Hainan Free Trade Port offers unprecedented development opportunities for enterprises, reducing costs and enhancing international competitiveness [2] - The policy dividends have attracted significant domestic and foreign investment, driving rapid regional economic growth [2] - However, the implementation of these policies comes with increased compliance requirements, necessitating enterprises to establish more robust compliance systems to ensure operations align with policy requirements [2] Future Outlook - Hainan Free Trade Port is expected to continue deepening reform and opening up, optimizing the business environment, and providing more opportunities for enterprises and investors [2] - With the in-depth implementation of the closure policy, Hainan is poised to become a key gateway for China's new era of opening up to the outside world [2]

Core Insights - Hainan is being positioned as a pioneer for investment trade liberalization and financial internationalization in China, with a goal to establish a high-level free trade port by the middle of this century [1] - The full closure operation of Hainan Free Trade Port is set to begin in December 2025, which will further solidify its role as an important gateway for China's new era of opening up [1] - Hainan is implementing a series of new policies to create a "foreign-friendly" environment, including a multi-functional free trade account, aiming to make it a leader in high-level financial openness [1] Trade and Investment - Hainan is transitioning towards a free trade port where most imported goods will be exempt from tariffs, fostering a vibrant development environment for trade, tourism, and logistics [1] - The Yangpu International Container Port symbolizes Hainan's commercial development momentum, with special policies to enhance the coverage of "zero-tariff" goods and simplify processes post-closure [1] Tourism and Ecological Protection - Hainan's transformation includes a focus on sustainable tourism and ecological protection, aiming to become a high-level sustainable tourism model [2] - The island has surpassed its initial positioning as a mere vacation destination, now serving as a pioneering experimental zone for China [2] - Hainan's approach demonstrates that high-level openness and sustainable development can coexist, playing a crucial role in China's reform and opening-up process [2] Global Economic Impact - With the full closure operation, Hainan is expected to become a new engine for trade and investment in China and a benchmark for high-quality international tourism [2] - The success of Hainan could provide a model for emerging economies on how to integrate into the global economy while maintaining a clean and orderly development path [2]

Group 1 - Hainan Natural Rubber Industry Group has successfully conducted cross-border RMB direct loan replacement for foreign currency financing in collaboration with China Ping An Bank, saving financing costs of 1 million yuan [1] - The company was recognized as a cross-border capital centralized operation center in Hainan Free Trade Port, marking the first offshore debt loan business for a state-owned enterprise in Hainan [1][3] - The establishment of cross-border capital centralized operation centers is a key policy for enhancing global capital management capabilities for enterprises in Hainan Free Trade Port [3][6] Group 2 - The cross-border capital centralized operation center acts as a "fund command center" for enterprises in Hainan Free Trade Port, helping to reduce financial costs and improve capital efficiency [6] - The center allows companies to manage multiple currencies, enhancing their ability to integrate global resources and receive international financial services [6] - The multi-functional free trade account in Hainan Free Trade Port supports enterprises' cross-border capital needs, improving debt management and reducing costs [3][6]

Core Viewpoint - The construction of Hainan Free Trade Port has seen significant progress over the past five years, with both hardware upgrades and the implementation of various policies that provide tangible benefits to enterprises [1] Group 1: Zero Tariff Policy - The "zero tariff" policy has allowed Hainan Airlines to import aircraft engines and other goods, saving approximately 52.05 million yuan in tariffs and VAT from 2021 to August this year [3] - Hainan has established three "zero tariff" lists, with a total import value of 25.473 billion yuan and tax reductions amounting to 4.906 billion yuan as of August this year [3] - After the full closure of the island, the range of zero-tariff products will expand from 1,900 to about 6,600 tax items, covering 74% of all product tax categories [3] Group 2: Processing and Value-Added Tax Exemption - The "processing and value-added tax exemption" policy allows enterprises to reduce import tariffs by 21% on processed goods, benefiting both consumers and businesses [5] - As of early September this year, there are 129 approved pilot enterprises for processing and value-added, with a cumulative internal sales value of 10.9 billion yuan and tax exemptions totaling approximately 850 million yuan [5] Group 3: Multi-Functional Free Trade Accounts - The "multi-functional free trade account" facilitates the free flow of funds, with 10 banks in Hainan having opened 483 accounts and a total fund flow of 172.6 billion yuan as of July this year [7] - This account type significantly reduces exchange rate losses, handling fees, and time costs for businesses conducting fund transfers [7] Group 4: Institutional Innovation - Hainan has prioritized institutional integrated innovation, with 166 cases of institutional innovation developed, covering trade, investment, finance, and talent [9] - Out of these, 76 cases have received national recognition, and 37 are being promoted nationwide, strengthening the foundation for the construction of the free trade port [9] - The ongoing development of the Hainan Free Trade Port is expected to enhance its attractiveness as a destination for investment and business activities [9]

Core Insights - The 2025 Hengqin World Bay Area Forum focused on financial themes, highlighting Hengqin's role as a bridge between mainland China and Macau, benefiting from its unique geographical and institutional advantages [1] Group 1: Financial Development in Hengqin - The Hengqin Guangdong-Macau Deep Cooperation Zone has achieved significant results in attracting investment, industry introduction, project construction, and public service management over the past four years [2] - Financial services are a key industry in the cooperation zone, contributing to the moderate diversification of Macau's economy [3] - The "Hengqin Financial 30 Measures" policy has been implemented, facilitating cross-border financial innovations such as multi-functional free trade accounts and cross-border insurance [3] Group 2: Future Initiatives and Policy Support - In the second phase of development, the Hengqin Financial Bureau aims to further implement innovative policies under the guidance of financial regulatory authorities [3] - Cross-border settlements have exceeded 160 billion yuan, with plans to expand dual-currency receiving services in key commercial areas [3] - New policies, such as the "Support Measures for the Development of Green Finance," have been introduced to bolster green finance initiatives, with 11 low-carbon projects receiving professional certification [3][4]