截至2025年10月末，海南省共有中国银行、建设银行等11家银行上线EF账户，开立账户数超过650个， 业务发生额突破2500亿元。 2025年1至10月，海南省人民币跨境收付额超4200亿元，较2020年同期增长16倍。 多功能自由贸易账户（EF账户）上线打通跨境资金流动"高速路"，跨境资金集中运营中心落地助力企 业出海，跨境资产管理试点搭建跨境投资桥梁……近年来，海南自由贸易港跨境投融资改革不断深化， 金融业对外开放水平进一步提升。 金融对海南自由贸易港建设至关重要，是实现贸易投资自由便利等功能的重要支撑。 "有序扩大金融业对外开放，构建与高水平开放相适应、与实体经济深度融合的自由贸易港金融体系， 打造形成区域性金融开放门户枢纽。"近期，海南"十五五"规划建议发布，为下一个五年自贸港金融开 放之路标明了方向。 ◎记者 何漪 唐燕飞 让资金双向流动"活"起来 跨境资金流动自由便利，是海南自由贸易港核心制度的重要组成部分，也是海南自贸港实现金融高水平 开放的基础。 围绕有序推进海南自贸港与境外资金自由便利流动，《海南自由贸易港建设总体方案》明确提出，构建 多功能自由贸易账户体系，便利跨境贸易投资资金流动，扩大 ...

Group 1 - The People's Bank of China Hainan Branch reported that as of the end of September, the EF account business volume exceeded 200 billion RMB, indicating an enhanced level of financial openness in the Hainan Free Trade Port [1] - A total of over 600 EF accounts have been opened in Hainan, with business transactions involving 76 countries and regions [1] - The cross-border trade and investment pilot business continues to expand, with 14 banks in Hainan having recorded a total of 42.31 billion USD in current account pilot business, benefiting 184 quality enterprises [1] Group 2 - Hainan's cross-border receipts and payments reached 80.46 billion USD in the first three quarters of 2025, showing a year-on-year growth of 1.1% [1] - The total foreign exchange settlement and sales amounted to 17.98 billion USD, with a 10.4% increase year-on-year; the settlement scale was 4.63 billion USD, up 22.5% [1] - The province's goods trade balance was 35.28 billion USD, with duty-free imports reaching 2.14 billion USD, a 26.6% increase [2] Group 3 - The service trade cross-border receipts and payments totaled 5.04 billion USD, reflecting an 8.1% year-on-year growth [2] - Direct investment receipts in Hainan reached 36.71 billion USD, with foreign direct investment into China amounting to 6.66 billion USD, a significant increase of 28.5% [2] - The Hainan Free Trade Port's cross-border asset management pilot program has been initiated, with 50 billion RMB approved for four issuing institutions [2][3] Group 4 - Two pilot institutions have successfully completed the issuance of pilot products, with smooth and efficient fund transfers from overseas investors [3] - Financial management departments will continue to oversee pilot institutions, ensuring compliance and facilitating convenient account opening and fund transfers for overseas investors [3] - A robust risk prevention and regulatory collaboration mechanism is being established to maintain systemic financial stability [3]

Core Insights - The first batch of six financial institutions has completed the filing for cross-border asset management pilot business in Hainan Free Trade Port, including Wanhe Securities and Jinyuan Securities, which is expected to enhance the core service capabilities and international competitiveness of asset management institutions in China [1][2] Group 1: Cross-Border Asset Management Pilot - The cross-border asset management pilot business in Hainan is a significant exploration of China's high-level financial openness, allowing foreign investors to invest in various financial products issued by institutions in Hainan [2][3] - Wanhe Securities and Jinyuan Securities have received approval to participate in this pilot, marking a substantial step in their involvement in Hainan Free Trade Port's development and opening new avenues for cross-border business [2][3] Group 2: Business Opportunities and Strategic Development - The pilot business is expected to enrich the supply of cross-border financial products and provide new investment channels for foreign investors, helping brokerages expand their client base and create new profit growth points [3][4] - With the increasing openness of China's capital markets and the internationalization strategies of Chinese brokerages, cross-border asset management has become a crucial area for performance growth [4][5] Group 3: Compliance and Risk Management - Brokerages must focus on compliance management and risk control when engaging in cross-border asset management, adhering to various legal and regulatory requirements across different countries [6] - Enhancing international service levels and technical support capabilities is essential for brokerages, including building global investment research teams and improving transaction execution capabilities [6]

Core Viewpoint - The announcement of the first batch of six institutions participating in the Hainan Free Trade Port's cross-border asset management pilot program marks a significant step in the implementation of this initiative, which allows foreign investors to access various financial products [1][4]. Group 1: Pilot Institutions - Six institutions have been selected for the pilot program, including Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, and the Haikou branches of Industrial Bank and Pudong Development Bank [1][2]. - The pilot institutions consist of both issuing and selling entities, with a notable representation of local financial institutions [2]. Group 2: Product Offerings and Market Opportunities - The pilot program allows foreign investors to invest in a range of products, including wealth management products, private asset management products, publicly offered securities investment funds, and insurance asset management products, with an initial total scale limit of 10 billion yuan [1][4]. - Institutions involved are optimistic about the business opportunities presented by the pilot program and are preparing to offer diversified, professional, and international asset management services to foreign investors [2][3]. Group 3: Policy Background and Future Prospects - The cross-border asset management pilot has been in discussion since the release of the overall plan for Hainan Free Trade Port in June 2020, with the implementation details formalized in the guidelines released in July 2021 [4]. - The pilot program is expected to attract global asset management institutions to establish regional headquarters in Hainan, enhancing the local financial ecosystem and facilitating the return of overseas funds to the domestic market [5].

Core Viewpoint - The establishment of cross-border asset management pilot business in Hainan Free Trade Port marks a significant advancement in financial openness, entering a substantive operational phase with the approval of the first batch of pilot institutions [1][2]. Summary by Sections Pilot Institutions - The first batch of pilot institutions includes six entities: Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, Industrial Bank Haikou Branch, and Shanghai Pudong Development Bank Haikou Branch, which have completed the filing process [2][3]. - The four issuing institutions are responsible for designing and managing cross-border asset management products aimed at overseas investors, while the two banks will handle sales and service [3]. Implementation Details - The pilot program follows the release of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" in July, which supports overseas investors in investing in various financial products issued by Hainan's financial institutions [6][7]. - The initial total scale limit for the pilot is set at 10 billion yuan, covering multiple product categories including public funds, private asset management products, and insurance asset management products [7]. Market Opportunities - The pilot program presents new opportunities for wealth management institutions to internationalize their operations, leveraging the growing wealth of Chinese residents and the increasing interest in global asset allocation [8]. - Institutions are encouraged to integrate domestic and international resources and collaborate with global financial entities to adopt advanced concepts and practices from overseas markets [8].

Core Viewpoint - The implementation of the "Cross-Border Asset Management Pilot Business Implementation Rules" in Hainan Free Trade Port aims to attract global investment by allowing foreign institutions and individual investors to participate in the asset management market, with an initial pilot scale of 10 billion RMB [1][2]. Group 1: Pilot Business Details - The pilot program is open to qualified foreign institutions and individual investors, breaking geographical and identity limitations, thus broadening the participation in Hainan's asset management market [1]. - The investment products include a wide range of mainstream varieties, covering private asset management products, publicly raised securities investment funds, and insurance asset management products, catering to diverse risk and return preferences of foreign investors [1]. - Foreign investors can open RMB bank settlement accounts and free trade accounts in Hainan, providing flexibility in account usage and facilitating the purchase of pilot asset management products [1]. Group 2: Strategic Implications - The pilot program represents a unilateral proactive opening model, allowing global access without regional restrictions, highlighting Hainan's commitment to higher levels of openness [2]. - The initial net inflow limit for foreign investors purchasing pilot asset management products is set at 10 billion RMB, with potential for dynamic adjustments based on economic and market conditions [2]. - The pilot is expected to leverage the advantages of the Free Trade Port's institutional openness to enhance the "dual circulation" development strategy, attracting both domestic and foreign asset management institutions and positioning Hainan as a unique hub connecting domestic and international capital markets [2].

Group 1 - Hainan Province is implementing a three-year action plan (2025-2027) to accelerate the construction of a modern industrial system with unique advantages, focusing on financial reforms and expanding the EF account pilot program [1] - The cross-border asset management pilot program, with a net inflow limit of 10 billion RMB, will start on August 21, 2023, and aims to attract global investors [2][5] - The pilot program allows for a diverse range of investment products, including private asset management products and publicly offered securities investment funds, targeting both institutional and individual foreign investors [2][3] Group 2 - The pilot program requires asset management products to be settled in RMB, with funds directed towards the domestic market, and foreign investors can open RMB settlement accounts in Hainan [3] - The People's Bank of China has set an initial cap on the pilot program's scale, which may be adjusted based on economic and market conditions [5][6] - The cross-border asset management pilot is expected to enhance the internationalization of the RMB by providing new channels for offshore RMB to flow back into the domestic market [5] Group 3 - The expansion of the EF account business has seen significant growth, with 273 new EF accounts added in the first half of the year, totaling a transaction volume of approximately 91.8 billion RMB [9] - The cross-border capital centralized operation center has been established to optimize cross-border fund allocation for enterprises, enhancing efficiency and reducing costs [8] - Several companies, including Yuan Cheng Technology and Hainan Natural Rubber Industry Group, have been recognized as cross-border capital centralized operation centers, benefiting from the new financial policies [8]

Core Viewpoint - The Hainan Free Trade Port will officially start its full island closure operation on December 18, with significant progress made in financial preparations to enhance openness [1] Group 1: Financial Preparations - The People's Bank of China Hainan Branch has been actively promoting financial reform and innovation to support the free trade port's closure operation [1] - The multi-functional Free Trade Account (EF Account) has been successfully launched, with 10 banks participating and 483 accounts opened, facilitating a total fund flow of 172.6 billion RMB as of July 28 [2] Group 2: Cross-Border Asset Management Pilot - The implementation details for the cross-border asset management pilot were released, effective from August 21, with a 180-day initial trial period [3] - The pilot allows global foreign institutions and qualified foreign individual investors to invest in various financial products, enhancing the diversity of investment subjects [3] - The initial net inflow limit for foreign investors purchasing pilot asset management products is set at 10 billion RMB, with potential adjustments based on market conditions [4]

Core Viewpoint - The implementation details of the cross-border asset management pilot business in Hainan Free Trade Port have been released, establishing a management scale for the pilot program [1] Group 1: Pilot Program Details - The pilot scale refers to the net inflow of funds from foreign investors purchasing pilot asset management products, which must not exceed the total scale limit at any point [1] - The total pilot scale is the sum of the pilot scales approved by the People's Bank of China Hainan Branch for each issuing institution [1] - The People's Bank of China Hainan Branch will set and dynamically adjust the total scale limit based on economic and financial development, international balance of payments, and market demand, with updates published on their official website [1] Group 2: Initial Scale Limit - The initial total scale limit for the pilot program is set at 10 billion RMB [1]