The Hainan Provincial Government revealed at a recent press conference on financial support for Hainan's high-quality economic development in 2024 that by the end of 2024, a total of 158 main accounts under the Hainan Free Trade Port (FTP) multi-functional free trade account (EF account) system had been opened, with cumulative receipts and expenditures amounting to over 66 billion yuan (approx. $9.1 billion).

The EF account system was successfully launched in May 2024, with the pilot scope expanded in November, leading to rapid business development as well as enhancing the liberalization and facilitation of cross-border capital flows in the FTP.

As of the end of 2024, ten banks in the province had launched EF accounts. Account holders conducted cross-border payments and receipts with 34 countries and regions, including Singapore and China’s Hong Kong SAR, through the EF account system.

Currently, the accounts are mostly used for cross-border trade settlement, foreign exchange trading, working capital loans, overseas lending, foreign debt, letter of credit financing, and inbound and outbound investment.