How exactly does the Hainan Free Trade Port relate to internationally renowned free trade hubs like Hong Kong, Singapore, and Dubai?

Will Hainan’s financial assets become offshore assets?

 Since the launch of island-wide special customs operations, these questions have sparked wide discussion. At a year-end press conference, the Information Office of Hainan Province offered official responses to the trending rumors. 

So what’s the official answer? Watch to find out.

I.

The Hong Kong Special Administrative Region of China, Singapore, and Dubai are typical examples of high-level free trade ports internationally. They serve as both role models for Hainan to learn from and essential partners. Their construction models and policy systems each have distinct characteristics. Overall, we should work to foster mutually beneficial and harmonious relationships.

In recent years, the Hainan Free Trade Port has made significant progress in cooperation with internationally established free trade ports. A memorandum on cooperation was signed with Hong Kong, as was a cooperation agreement between Haikou Meilan Airport and Singapore Changi Airport. Additionally, Yangpu Port established a sister port relationship with Abu Dhabi.

Looking ahead, we will continue to learn from the advanced experiences of internationally renowned free trade ports, align with high-standard international economic and trade rules, and explore an open institutional system with global competitiveness. At the same time, we will further strengthen cooperation with free trade ports such as Hong Kong, Singapore, and Dubai.

II. 

Offshore financial assets mean they can be separated from our country's financial regulatory system. Even though the Hainan Free Trade Port has more advantages than the Chinese mainland in areas such as cross-border capital flows since the launch of island-wide special customs operations, which are facilitated by financial opening-up policies like EF accounts and cross-border asset management pilot programs, all banking business must comply with China's relevant laws, regulations, and rules, and must be supervised by financial regulatory authorities. Having said that, the Hainan Free Trade Port serves as a crucial gateway for many Chinese enterprises expanding globally and foreign enterprises entering China. We will continue to optimize financial services, especially cross-border financial services, to support market entities in conducting cross-border investment and financing.

III.

Since 2025, the provincial Public Security Department (the provincial Anti-Smuggling Office) has continuously improved Hainan's comprehensive anti-smuggling governance system, strengthened smuggling risk prevention and control at non-customs checkpoints and other regulatory channels of "second-line customs ports," and cracked down on illegal activities such as "smuggling through surrogate shopping." Currently, the smuggling situation within the province remains stable and controllable, and island-wide special customs operations are proceeding in an orderly manner. We will continue to work closely with relevant member units and municipal/county anti-smuggling offices to rigorously implement post-launch smuggling risk prevention and control measures, providing high-quality security guarantees and advanced solutions to ensure that the Hainan Free Trade Port can manage risk while continuing to open up and deliver excellent services.