The South Free Trade Port officially initiated island-wide customs closure on December 18. The reporter learned from the People's Bank of China on the 17th that all three financial preparations for the customs closure have been completed. First, the cross-border capital flow management system has been further improved. The Hainan Branch of the People's Bank of China issued the “Administrative Measures on Multi-functional Free Trade Account Operations at the Hainan Free Trade Port” to provide institutional guarantees for the free flow of capital across borders. Second, a multi-purpose free trade account has been launched. By the end of October this year, 11 banks in Hainan Province had launched multi-purpose free trade accounts, with a business volume equivalent to over RMB 250 billion; account holders had transferred funds to 80 countries and regions. Third, the monitoring and early warning mechanism for cross-border capital flows has been further improved, and the ability to prevent cross-border financial risks has been improved across the board.

The South Free Trade Port officially initiated island-wide customs closure on December 18. The reporter learned from the People's Bank of China on the 17th that all three financial preparations for the customs closure have been completed. First, the cross-border capital flow management system has been further improved. The Hainan Branch of the People's Bank of China issued the “Administrative Measures on Multi-functional Free Trade Account Operations at the Hainan Free Trade Port” to provide institutional guarantees for the free flow of capital across borders. Second, a multi-purpose free trade account has been launched. By the end of October this year, 11 banks in Hainan Province had launched multi-purpose free trade accounts, with a business volume equivalent to over RMB 250 billion; account holders had transferred funds to 80 countries and regions. Third, the monitoring and early warning mechanism for cross-border capital flows has been further improved, and the ability to prevent cross-border financial risks has been improved across the board.