The Hainan Free Trade Port’s multi-functional free trade account (EF account) business continues to expand. As of May 8, 2025, over 330 EF accounts had been opened at ten designated pilot banks in Hainan, with total EF account business volume exceeding 120 billion yuan (~$16.66 billion).

Located in the Haikou Dayingshan Central Business District, the Window to Global Trade (WGT) building plays a key role in attracting foreign investment in south China’s Hainan Free Trade Port. (Photo: Hainan Daily)

Since their launch in May 2024, EF accounts have significantly improved the ease of cross-border capital flows. EF account holders have transferred funds to a total of 48 countries and regions including Singapore and China’s Hong Kong SAR.

Doing business through EF accounts is popular with both domestic companies, which are designated as EFE account holders, and international companies, designated as EFN account holders.

EFE account holders do business in a range of 40 different industries, with a large percentage in the wholesale (mainly trade), business services, and pharmaceutical manufacturing sectors, while EFN account holders are involved in industries including wholesale and retail marketing, business services, energy development, biomedicine, and information technology.

Currently, Hainan EF account transfers are most commonly made in scenarios such as cross-border trade settlements, near and far term foreign exchange settlements and sales, working capital loans, overseas lending, overseas investments, and foreign investments.