Hainan marks a new phase in opening-up

The island-wide special customs operations of the Hainan Free Trade Port officially commenced on Thursday, marking a new phase in Hainan Island's opening-up. Bank of China Hainan Branch is stepping up support to help the island build a high-level open financial system.

The recommendations for China's 15th Five-Year Plan (2026-30) explicitly call for developing the Hainan Free Trade Port to high standards. The free and convenient flow of cross-border capital is identified as a key driver of high-level opening-up.

Against this backdrop, Bank of China Hainan Branch is focusing on core areas, including trade in goods and cross-border investment and financing, promoting more efficient cross-border settlement, greater foreign exchange facilitation, and integrated investment and financing services.

At the same time, it is deepening innovative applications of the Hainan FTP's multi-functional free trade accounts, also known as EF accounts, and enhancing the freedom and convenience of cross-border capital flows.

In line with the timetable for the island-wide special customs operations, BOC has rolled out dedicated "cross-border finance plus industrial chain" service solutions. Particularly in the context of the Regional Comprehensive Economic Partnership and China's cooperation with the Middle East, it is encouraging more local companies to engage in cross-border renminbi settlement, investment and financing.

The bank has also continued to pursue institutional innovation in areas such as cross-border cash pooling, EF accounts and offshore financial services, actively seeking regulatory approval for pilot programs to help position Hainan Island as a new high ground for financial opening-up.

Wang Fanghong, president of the Bank of China Hainan Financial Research Institute and a senior business manager at the BOC Hainan Branch, said, "Financial innovation in the Hainan FTP has produced a steady stream of highlights. In particular, the launch of the Hainan FTP's multi-functional free trade accounts has provided entirely new infrastructure for a higher level of financial opening-up in Hainan. As a large State-owned bank, Bank of China will naturally place innovation at the core of its efforts to serve the development of the Hainan FTP."