Hainan: Further promote the facilitation of cross-border e-commerce settlement, simplify the trade background review process for inbound funds.

The People's Government of Hainan Province recently issued the "Implementation Plan for the Comprehensive Pilot Zone of Cross-border E-commerce in China." The plan proposes optimizing financial services for cross-border e-commerce. It supports banks in providing convenient settlement services for cross-border e-commerce enterprises through the multi-functional free trade account of Hainan Free Trade Port, helping enterprises avoid exchange rate fluctuations and reduce exchange costs. It further promotes the facilitation of cross-border e-commerce settlement, simplifying the trade background examination process for inbound funds. It supports domestic and foreign commercial factoring companies to conduct factoring business based on real cross-border e-commerce transaction background with the multi-functional free trade account of Hainan Free Trade Port. It also supports insurance institutions in providing political risk, collection risk protection, and policy financing for cross-border e-commerce enterprises. It encourages financial institutions to innovate in areas such as cross-border payments, supply chain finance, and real-time foreign exchange clearing based on the needs of cross-border e-commerce development. It increases support for cross-border e-commerce finance and studies and introduces a series of financial facilitation measures.