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China is currently conducting looser capital account trials in the Hainan Free Trade Port granting greater freedom over capital flows for companies and individuals, according to a document issued by People's Bank of China and three other government agencies Friday.
Qualified Foreign Limited Partners (QFLP) in the free trade port can, under certain conditions, move money freely in and out of the country, with the registration process also being streamlined, the release said. Foreigners working in Hainan Free Trade Port are allowed to make various investments in China, including in securities.
The document added that it would encourage foreign banks to open branches in Hainan, set up joint ventures or invest in Hainan-based banks as strategic investors.