Ten banks in China's tropical island province of Hainan have opened electronic fence (EF) accounts in its free trade zone as the relevant management plan to promote free trade and foreign investment took effect on Monday.
The banks have opened EF accounts for a total of 34 companies and processed various transactions totaling 284 million yuan (about 40 U.S. million dollars) as of Monday.
Finance officials said EF accounts provide a more facilitated environment for cross-border transactions and currency exchange by connecting both domestic and foreign markets and resources.
"The account will further enhance the free and convenient flow of cross-border capital, promote the liberalization and facilitation of trade and investment, and support various economic, trade, investment and financing activities of enterprises in the Hainan Free Trade Zone," said Gao Runheng, deputy director of the Office of the Finance Commission of the Communist Party of China (CPC) Hainan Provincial Committee.
Officials also said they would expand their services, step up relevant measures to support enterprises in the free trade zone and improve the level of trade and investment.
"After the successful launch of the EF account, we will continue to promote the construction of related business systems in more banks, and guide the banks that have already introduced the EF account to make full use of the functions and advantages of the account, so as to provide better cross-border financial services to enterprises with foreign trade and investment needs," said Xie Ruichun, Vice President of the People's Bank of China Hainan Branch.
Hainan’s electronic fence bank accounts in effect to facilitate free trade
A growing number of Macao citizens are embracing the opportunities for cross-border employment in Hengqin of Zhuhai City, south China's Guangdong Province, achieving professional growth while enjoying the convenience of a dual-city lifestyle.
One such individual is Hoi Peng, a Macao-born lawyer practicing in Hengqin. Since the establishment of the Guangdong-Macao In-depth Cooperation Zone in Hengqin in 2021, Hoi has taken advantage of the new opportunities to open a joint venture law firm.
The firm offers cross-border legal services to clients and businesses in Macao and the mainland on Hong Kong- and Macao-related affairs.
"There are more opportunities in the (Guangdong-Hong Kong-Macao) Greater Bay Area and In-depth Cooperation Zone, which provide a bigger stage for our work. In addition to opening a joint law firm, I also obtained the qualification to practice law in the Greater Bay Area, allowing me to handle cases on the mainland," said Hoi.
With her business flourishing, Hoi moved her family from Macao to Hengqin, embarking on a dual-city lifestyle that brings both professional opportunities and everyday convenience.
"It's a new world for us. I often recommend my friends to move to Hengqin. The living environment here is more spacious than in Macao, and it's incredibly convenient. For example, products ordered online are delivered directly to our doorstep," she said.
Like Hoi, Macao restaurateur Tong Sio Kun also reaped unexpected benefits of cross-border entrepreneurship. A few years ago, Tong opened a restaurant in Hengqin, supported by favorable policies like rent subsidies and business incentives.
With a focus on creating unique dishes, Tong's restaurant saw a significant increase in customer traffic. Within just a few months, she recouped her initial investment and made a profit.
"Over the past few years, we've seen returns, and our business has grown several times in size. I'm confident that I will open three more restaurants in Hengqin within the next two years," Tong said. In recent years, Macao citizens have found it increasingly easy to practice their professions on the mainland. Professionals such as tour guides, lawyers, architects, and pharmacists are now allowed to work across borders. In addition, culinary, beauty, and catering qualifications are mutually recognized between Guangdong and Macao.
As integration between Hengqin and Macao picks up speed, more and more Macao talents are choosing to live and work in Hengqin. By July this year, the number of Macao-funded enterprises in the In-depth Cooperation Zone had reached 6,365, up nearly 40 percent from three years ago. By September, more than 20,000 people from Macao were living and working in Hengqin.
Macao citizens enjoy cross-border opportunities, dual-city lifestyle in Hengqin
Macao citizens enjoy cross-border opportunities, dual-city lifestyle in Hengqin
