The Hainan Provincial Government revealed at a press conference on financial support for Hainan's high-quality economic development in 2024, held on February 11, that in 2024, cross-border receipts and expenditures reached US$108.63 billion, breaking the $100 billion mark for the first time. This milestone places the province in China's upper-middle echelon in terms of cross-border capital flow and demonstrates that the two-way flow of cross-border funds in the Hainan Free Trade Port (FTP) has reached an unprecedented level. A significant factor in this increase has been further improvements made by the Hainan FTP in facilitating cross-border trade, investment, and financing.
In recent years, the Hainan provincial branches of the People's Bank of China and the State Administration of Foreign Exchange (SAFE) have launched a series of facilitation and opening-up policies. Key among them are the expansion to the entire province of the pilot program for high-level opening-up policies in cross-border trade and investment in February 2024 and the launch of the Hainan FTP EF (Electronic Fence) account system later that year in May, which have effectively boosted the liberalization and facilitation of cross-border capital flows in Hainan.