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]

◎记者 周亮 海南自由贸易港全岛封关运作将于12月18日正式启动。海南金融领域以"促开放"为提升点，多项准备工 作已取得实质性进展。 7月30日，上海证券报记者在中国人民银行海南省分行举行的2025年第三季度新闻发布会上获悉，今年 以来，中国人民银行海南省分行扎实推进自贸港金融改革创新，为自贸港封关运作提供有力的金融支 撑。 近日，中国人民银行海南省分行等五部门联合发布了《实施细则》，自8月21日起生效，生效之日起180 日内为试点初期。 中国人民银行海南省分行外汇管理处处长张园园表示，《实施细则》聚焦如何支持境外投资者投资海南 自贸港内金融机构发行的资管产品。"简单来说，主要内容涉及哪些境外投资者可以投、可以投资哪些 产品、用什么账户投资、资金如何进出、如何防控风险及如何落实境外投资者保护等方面。" 张园园表示，《实施细则》具有多项亮点： 一是投资主体多元化。跨境资管试点面向全球的境外机构和符合条件的境外个人投资者。 二是投资产品范围广。涵盖风险等级在R1—R4的证券基金期货经营机构私募资产管理产品、公开募集 证券投资基金，保险资产管理产品等。 三是投资账户较灵活。境外投资者可在海南自贸港内银行开立人民币银 ...

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]