自由贸易账户体系是推进海南自贸区（港）建设的重大举措，是海南省委省政府确定的12个自贸区（港）先导性项目之一。海南自贸区是首个复制、推广上海自由贸易账户体系的自贸区。自由贸易账户体系是自贸区金融改革的重要内容，它是一套专门的账户体系，也是重要的金融基础设施。该账户体系内资金与国内账户体系资金相对独立，与境外资金来往更加自由化。居民和非居民可分别设立居民自由贸易账户和非居民自由贸易账户，提高经常项下和资本项下资金往来和兑换的自由化和便利化水平。金融机构可设立分账核算单元，为企业设立自由贸易账户并提供相关跨境金融服务。自由贸易账户体系在促进账户体系和境外账户资金往来自由化的同时，严格管理自由贸易账户内资金和境内账户体系资金往来。在此专门账户体系下，企业能提高跨境资金管理效率，金融机构能提供更多样化的跨境融资渠道，与此同时，金融风险跨界传递也能得到有效防范。从上海经验看，自由贸易账户体系是上海自贸区金融创新的重要平台和载体，企业反响良好。从上海自由贸易账户运行情况看，该账户体系运行稳定可控，不会对境内市场产生系统性风险。2018年12月28日，海南自由贸易账户体系开始进入试运行，2019年1月1日正式上线。由于以上海经验为基础，海南自由贸易账户体系各项功能业务得以快速推进。本报告概述了海南自由贸易账户体系推进情况、运行机制以及自由贸易体系对探索自贸港建设的可能作用。目前，海南自由贸易账户体系基本复制上海经验，因此在其制度框架、功能拓展等方面将结合上海经验进行论述。
The Free Trade Account System is one of the significant measures of Hainan Pilot Free Trade Zone （Free Trade Port），and is one of the 12 pilot projects of the Hainan Pilot Free Trade Zone （Free Trade Port） initiated by the Hainan Provincial Party Committee and the Provincial Government. Hainan Free Trade Zone is the first domestic pilot free trade zone to replicate Shanghai Free Trade Account System. The Free Trade Account System is part of financial reforms in Free Trade Zone. It’s a specialized account system and an important financial infrastructure. The transfer of funds between Free Trade Account System and domestic account system is strictly regulated，but the transfer of funds between the Free Trade Account System and foreign account system is much more liberalized. Residents and non-residents can open resident Free Trade Account and non-resident Free Trade Account respectively，to benefit from the liberalization of capital transactions and facilitation of the current transactions. Financial institution can establish Free Trade Accounting Union，and provide services related with cross-border financial services for its customers. The Free Trade Account System strictly regulates transfer of fund between its account system and the domestic account system while liberalizing the exchange between its account system and overseas account. Based on this special design of account system，the enterprises can improve the efficiency of cross-border fund management，and financial institutions can provide more diversified cross-border financial services while cross-border contagion of financial risk is effectively controlled. Five years of operation of Shanghai Free Trade Accounting System indicates that this system is an important platform and carrier of financial innovation in the Shanghai Free Trade Zone. Most of the resident and non-resident enterprises respond with positive evaluation of this measure，and the operation of Shanghai Free Trade Account is stable and controllable，with no indications of systemic risk for the domestic market. On December 28，2018，the Hainan Free Trade Account System starts its trial operation and was officially launched on January 1，2019. Thanks to Shanghai’s experience，the various functions of the Hainan Free Trade Account System have been rapidly implemented and promoted. This report outlines the operation and mechanism of the Hainan Free Trade Account System and its potential role in the establishment of the Hainan Free Trade Port. At present，the Hainan Free Trade Account System essentially replicates Shanghai’s system，thus the descriptions of operational framework and functions are based on the Shanghai’s Free Trade Account System.
