BOC backs high-quality growth in Hainan FTP

As the Hainan Free Trade Port officially launched island-wide special customs operations on Thursday, the free and convenient flow of cross-border capital may become a crucial engine for its high-level opening-up.

The Hainan branch of Bank of China, whose history can be traced back to 1914, continues to play a significant financial role in Hainan province's opening-up.

The branch has been focusing on key areas such as goods trade and cross-border investment and financing to promote the implementation of cross-border settlement, exchange facilitation, and integrated investment and financing service mechanisms. It is also furthering the innovative application of Electronic Fence Accounts (or EF accounts, officially known as "multi-functional free trade accounts"), to enhance the freedom and convenience of cross-border capital flows and provide strong support for Hainan in establishing a high-level, open financial system.

Following the launch of the Hainan FTP's island-wide special customs operations, the branch is developing exclusive service solutions for "cross-border finance plus industrial chain". Especially against the background of the Regional Comprehensive Economic Partnership framework and Hainan's cooperation with the Middle East, it hopes to encourage more local enterprises to engage in cross-border renminbi settlement, investment and financing.

In terms of services for daily life, the branch is accelerating the implementation of the 10 financial service measures aimed at benefiting people's lives, expanding domestic demand and promoting consumption, launched at the beginning of this year. It continues to improve the supply capacity of financial services such as housing mortgages, consumer loans and FTP-themed credit cards.

Additionally, the branch continues to leverage the strengths of BOC's Hainan financial research institute, a key provincial think tank, to conduct in-depth research on the theory of a free trade port with Chinese characteristics, actively participate in planning related to the 15th Five-Year Plan (2026-30) and the financial field, and provide advisory input, thereby contributing BOC's expertise to the high-quality development of the Hainan FTP following the launch of island-wide operations.

In 1914, BOC's Qiongzhou branch was established in Haikou, the capital city of Hainan, becoming an early modern banking institution in the province. At that time, there was frequent remittance between Hainan Island and Southeast Asia, and BOC took on the mission of being an "international exchange bank", delivering remittance notes from overseas Chinese to the island. The exchange route tightly connected Hainan Island with the world, insiders said.

BOC set up its first overseas agency in London in 1929 and now has more than 600 branches in more than 60 countries and regions worldwide. Its Hainan branch is an important hub for its cross-border finance. Rooted in Hainan for 111 years, the branch has always had strong core competencies in cross-border finance.

Relevant officials from the Hainan branch said that the global network advantage of BOC can provide integrated "local plus overseas" service support for Hainan enterprises to "bring in and go out".

The branch also benefits from a diversified platform advantage, collaborating with comprehensive operating companies such as BOC International Holdings, offering services like issuance of related bonds and high-end equipment introduction.