Expansion of Cross-border Financial Services in Hainan Free Trade Port

On the 30th, it was learned from the Hainan branch of the People's Bank of China that the cross-border financial of Hainan Free Trade Port has achieved expansion and increase, with breakthroughs in cross-border trade and cross-border asset management. It is reported that in order to complete the financial tasks related to the operation of the customs clearance at Hainan Free Trade Port, relevant departments have launched a multi-functional free trade account and formulated supporting measures for cross-border fund flow management. In the first half of this year, Hainan Province added 273 EF accounts, an increase of 115 over the previous year. The total business volume of EF accounts in the province amounted to 91.797 billion yuan, an increase of 25.69 billion yuan over the previous year. Among them, 67.339 billion yuan was transferred cross-border, and 24.458 billion yuan was transferred between different regions; operating entities conducted fund transfers through EF accounts with 57 countries and regions including Singapore and Hong Kong. The high-level opening pilot project of cross-border trade and investment steadily progressed. By the end of June, Hainan Province had accumulated a total of 40.22 billion US dollars in trial business under the current account, benefiting 179 high-quality enterprises; and a total of around 2.47 billion US dollars in trial business under the capital account, benefiting 89 high-quality enterprises. The first domestic company to list overseas through a bank in Hainan Free Trade Port has been successfully registered. The pilot project of cross-border asset management business is being promoted. The "Implementation Rules for Cross-border Asset Management Pilot Business of Hainan Free Trade Port" have been issued to support overseas investors in investing in financial products issued by financial institutions within Hainan Free Trade Port, including wealth management products, securities, fund management institutions' private fund management products, publicly offered securities investment funds, and insurance asset management products, enriching the supply of cross-border financial products and expanding the channels for overseas investors to invest in domestic markets.