海南QFLP政策全方位解析中英对照版全文

All You Need to Know About Hainan QFLP Measures
千呼万唤始出来：全方位解析海南QFLP制度

On October 10, 2020, Hainan Local Financial Supervision and Administration (the “Hainan FSA”), Hainan Administration for Market Regulation, Haikou Central Sub-branch of the People's Bank of China and Hainan Branch of China Securities Regulatory Commission jointly promulgated the Interim Measures of Hainan Province on Domestic Equity Investment for Qualified Foreign Limited Partners (the “Hainan QFLP Measures” or the “Measures”). As a significant scheme of financial reform and innovation in Hainan Province, the Measures contain several highlights, including: lifting the threshold on formation and registration of foreign-invested equity investment management enterprises (“Hainan QFLP PFMs”) and foreign-invested equity investment enterprises (“Hainan QFLP Funds”, collectively, the “Hainan QFLP Entities”), implementing nondiscriminatory treatment for both domestic and foreign investors, and regulating the investment scope of Hainan QFLP Funds with a negative list, all of which have laid a solid institutional foundation for attracting foreign capital into Hainan PE/VC market.

2020年10月10日，海南省地方金融监督管理局（“海南省金融管理局”）、海南省市场监督管理局、中国人民银行海口中心支行、中国证券监督管理委员会海南监管局（合称“海南省金融管理局等四部门”）联合印发了《海南省关于开展合格境外有限合伙人（QFLP）境内股权投资暂行办法》（“海南QFLP制度”）。作为海南金融改革创新的一项重要制度，海南QFLP制度亮点频出，包括但不限于对外商投资股权投资管理企业（“海南QFLP基金管理企业”）及外商投资股权投资企业（“海南QFLP基金”，与海南QFLP基金管理企业合称为“海南QFLP企业”）的设立注册不设最低准入门槛、内外资实行无差别待遇、对海南QFLP基金投资范围实行负面清单管理等，为吸引境外资本投资海南PE/VC市场奠定了坚实的制度基础。

Based on Jingtian & Gongcheng Investment Fund and Asset Management Team’s ten years of experience with QFLP pilot schemes in all thirteen regions (e.g., in our role as member of the QFLP expert review committees, adviser to relevant financial services offices on the drafting or amendment of QFLP measures and legal counsel to our clients in applying for QFLP pilot status, including clients among the first batch of Hainan QFLP Entities), this article sets out to analyze the Hainan QFLP Measures from the following six aspects, (i) the background of the Hainan QFLP Measures, (ii) the main models of Hainan QFLP Funds, (iii) formation and operation supervision of Hainan QFLP Entities, (iv) investment scope of Hainan QFLP Funds, (v) preferential policies available to Hainan QFLP Entities, and (vi) a comparison chart of the Hainan QFLP Measures and QFLP pilot schemes in other popular regions.

本文将结合竞天公诚投资基金与资产管理团队对各地QFLP试点制度的多年实践经验（包括近期协助数家投资机构申请首批海南QFLP企业的实务经验），从海南QFLP制度的出台背景、海南QFLP基金设立的主要模式、海南QFLP企业的设立注册及事后监管、海南QFLP基金的投资范围、海南QFLP企业可享受的优惠政策、海南QFLP制度与其他热门地区QFLP试点制度比较等六个层面来解析海南QFLP制度。

I.         Background of the Hainan QFLP Measures
海南QFLP制度的出台背景

Shanghai took the lead in establishing a local pilot scheme for foreign equity investment in 2010. Subsequently, other regions such as Beijing, Tianjin, Shenzhen, Qingdao, Chongqing, Guizhou (Guiyang Comprehensive Bonded Zone), Fujian Pingtan, Zhuhai, Guangzhou, Suzhou and Xiamen followed suit and have established their respective local QFLP pilot scheme.

上海于2010年率先创立了地方性的外商投资股权投资试点制度。随后，北京、天津、深圳、青岛、重庆、贵州（贵阳综合保税区）、福建平潭、珠海、广州、苏州、厦门等地均亦出台地方QFLP试点制度。

In order to actively promote the development of the Hainan Free Trade Port (the “Port”), the Hainan FSA and other competent government authorities drew on other pilot regions’ experience in QFLP pilot schemes, and implemented the much attractive Measures, which is easier, more convenient, and more responsive to market needs:

为积极推进海南自由贸易港建设，加快吸引境外资本落地海南，海南省金融管理局及其他相关部门结合各地已出台的QFLP试点制度及市场需求，积极推进更加宽松、便利、顺应市场需求的海南QFLP制度落地：

Ÿ   On June 1, 2020, the State Council issued the Overall Plan for the Construction of the Hainan Free Trade Port (the “Overall Plan”).^[1] Pursuant to the Overall Plan, cross-border capital flows within the Hainan Free Trade Port are free and flexible. The Hainan Free Trade Port shall adhere to the principle of providing financial services to real economy, with its focus on trade and investment liberalization and facilitation. Restriction on capital account shall be opened up in several stages, and free and flexible capital flows between the port and foreign areas will be promoted in an orderly manner.

2020年6月1日，国务院印发《海南自由贸易港建设总体方案》（“《总体方案》”）。其中规定：跨境资金流动自由便利。坚持金融服务实体经济，重点围绕贸易投资自由化便利化，分阶段开放资本项目，有序推进海南自由贸易港与境外资金自由便利流动。

Ÿ   On June 8, 2020, at the press conference held by the State Council Information Office for introduction of the Overall Plan, Mr. Pan Gongsheng, Vice Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, introduced the relevant financial policies to support construction of the Hainan Free Trade Port. In terms of cross-border direct investments, the Port will implement two pilot schemes, namely, the QFLP (qualified foreign limited partner) scheme and the QDLP (qualified domestic limited partner) scheme.

2020年6月8日，央行副行长、国家外汇管理局局长潘功胜在国务院新闻办公室就《总体方案》有关情况举行的新闻发布会上介绍了支持海南自由贸易港建设的相关金融政策，在跨境直接投资方面，海南自由贸易港内将试行QFLP（合格境外有限合伙人）和QDLP（合格境内有限合伙人）两项制度。

Ÿ   On October 10, 2020, the Hainan QFLP Measures were issued, and meanwhile the Hainan FSA and other government authorities have been actively working towards the issuance of pilot QDLP measures.

2020年10月10日，海南省金融管理局等四部门联合出台了海南QFLP制度，并在积极争取海南QDLP制度的落地。

II.      Main Models of Hainan QFLP Fund Formation
海南QFLP基金设立的主要模式

Pursuant to the Measures, Hainan QFLP Entities consist of Hainan QFLP PFMs and Hainan QFLP Funds:

根据海南QFLP制度的规定，海南QFLP企业包括海南QFLP基金管理企业及海南QFLP基金：

Ÿ   Hainan QFLP PFMs: enterprises that are duly formed pursuant to the applicable laws and invested by foreign enterprises or individuals, operate within Hainan Province, and mainly engage in the business of forming or managing Hainan QFLP Funds.

海南QFLP基金管理企业：在海南省依法由境外的企业或自然人参与投资设立并实际经营的，以发起设立或受托管理外商投资股权投资企业为主要经营业务的企业。

Ÿ   Hainan QFLP Funds: enterprises that are duly formed by foreign enterprises or individuals (or alternatively, formed wholly or partially with investments from such foreign enterprises or individuals), operate within Hainan Province, and raise funds in a non-public manner from domestic and/or foreign investors for re-investment in securities of domestic non-public companies.

海南QFLP基金：在海南省依法由境外的企业或自然人参与投资或设立并实际经营的，以非公开方式向境内外投资者募集资金，投资于境内非公开交易的企业股权的企业。

As one of the highlights, the Measures impose nondiscriminatory treatment on both domestic and foreign investors, featuring two business models (i.e., “domestic manager managing foreign capital” and “foreign manager managing domestic capital”), and impose the same requirements on both domestic and foreign-invested Hainan QFLP PFMs. Fund promoters may sponsor and form Hainan QFLP Funds by the following models:

作为亮点之一，海南QFLP制度对内外资实行无差别待遇，允许“内资管外资”和“外资管内资”的业务模式，且对内资、外资基金管理企业的要求一致。基金发起人可以通过下述模式在海南省发起设立海南QFLP基金：

Model 1: A fund promoter with foreign investment can newly establish a Hainan QFLP PFM, which can form one or more Hainan QFLP Fund(s) in Hainan Province;

模式1：对于包含外资成分的基金发起人，可在海南新设海南QFLP基金管理企业，并由海南QFLP基金管理企业在海南发起设立一支或数支海南QFLP基金；

Model 2: A PE/VC fund management enterprise that is already established in Hainan Province or other regions within China (either domestic-funded or foreign-funded) may directly form one or more Hainan QFLP Fund(s) in Hainan Province.

模式2：对于已在海南或其他地区设立的PE/VC基金管理企业（内资、外资均可），可直接在海南发起设立一支或数支海南QFLP基金。

The first Hainan QFLP Fund (Hainan Bocom International Sci-Tech Shengxing Equity Investment Partnership (L.P.)) adopted the structure of Model 2, with a fund management enterprise registered with the Asset Management Association of China (the “AMAC”) (i.e., Bank of Communications International Equity Investment Management (Shenzhen) Co., Ltd.) acting as its general partner and fund manager. The AUM is about USD100 million.

首支落地的海南QFLP基金（海南交银国际科创盛兴股权投资合伙企业（有限合伙））采用了模式2的结构，由已在中国证券投资基金业协会（“基金业协会”）登记的基金管理企业（交银国际股权投资管理（深圳）有限公司）担任该基金的普通合伙人及基金管理人，基金管理规模约为1亿美元。

In addition, the Measures also specify that Hainan QFLP PFMs may form or manage ordinary PE/VC funds (i.e., non-QFLP funds) in Hainan Province and other regions.[2]

此外，海南QFLP制度还明确规定，海南QFLP基金管理企业可在海南及其他地区发起设立/管理一般类的PE/VC基金。

III.   Formation, Registration and Post-Registration Supervision of Hainan QFLP Entities
海南QFLP企业的设立注册及事后监管

1.        Highlights of Policies for Formation and Registration of Hainan QFLP Entities
海南QFLP企业设立注册的政策亮点

Compared with the QFLP pilot schemes in other regions, the Measures are easier and more convenient in terms of formation and registration of Hainan QFLP Entities:

与其他地区的QFLP试点制度相比，海南QFLP制度在海南QFLP企业的设立注册方面更加宽松及便利：

（1）    The Measures explicitly specify that there is no threshold requirement for formation and registration of Hainan QFLP PFMs and Hainan QFLP Funds, including no requirement regarding minimum registered capital or capital commitment, currency of capital contribution, initial contribution ratio, monetary contribution ratio, and no time limit for such contribution, etc.

明确规定对海南QFLP基金管理企业及海南QFLP基金的设立注册均不设最低准入门槛，包括：对企业的最低注册资本或认缴出资金额、出资币种、首次出资比例、货币出资比例、出资期限等均不加限制。

（2）    The Measures further simplify the formation and registration process for Hainan QFLP Entities and replace the Joint Conference[3] approval mechanism (for QFLP pilot scheme qualifications) with a “Letter of Recommendation” mechanism, that is, as long as any competent authority, including any department under direct supervision of Hainan Province, any municipal or county government (or authorized financial management department at the same level), or administrative committee of a key industrial park, issues a Letter of Recommendation to the Hainan Administration for Market Regulation and copies the same to the Hainan FSA, the Hainan Administration for Market Regulation shall register the relevant Hainan QFLP PFM or Hainan QFLP Fund.

进一步简化海南QFLP基金管理企业/QFLP基金的设立注册流程，取消了联席会议审核试点资格的制度，并采用“推荐函”形式予以代替，即：海南省直相关职能部门、市（县）人民政府（或授权同级金融管理单位）、重点产业园区管委会中的任意一个主体为相关的海南QFLP基金管理企业/QFLP基金向海南省市场监督管理局出具推荐函并抄送海南省金融管理局后，海南省市场监督管理局将予以登记注册。

The relevant materials that Hainan QFLP Entities shall file to the competent authorities when applying for a Letter of Recommendation include:

海南QFLP企业申请推荐函需向主管部门提交的相关资料包括：

2.        Qualification Requirements for Senior Officers
高级管理人员的资质要求

In accordance with the Hainan QFLP Measures, Hainan QFLP PFMs shall have at least two senior officers satisfying all of the following conditions. It should be noted that the requirements of the Hainan QFLP Measures in respect of practice experience, work experience, credit records, and other aspects of senior officers are higher than the general requirements of the AMAC for senior officers, and enterprises applying for Hainan QFLP qualification need to make a reasonable judgment on whether such requirements can be satisfied. Said senior officers should be:

根据海南QFLP制度，海南QFLP基金管理企业应当具有至少2名满足下列全部条件的高级管理人员。需注意，海南QFLP制度在高级管理人员的从业经验、任职经历、诚信记录等方面的要求高于基金业协会对高级管理人员的一般要求，申请企业需合理判断自身是否能满足该等要求。

(a)    With more than five years of experience in equity investment or equity investment management business;
有5年以上从事股权投资或股权投资管理业务的经历；

(b)   With more than two years of experience in holding senior officer positions;
有2年以上高级管理职务任职经历；

(c)    With experience in engaging in equity investment in China or working experience in a financial institution in China; and
有在境内从事股权投资经历或在境内金融机构从业经验；及

(d)   With no record on violation of laws or outstanding economic dispute litigation in the last five years, and his/her personal credit record is good.
在最近5年内无违规记录或尚在处理的经济纠纷诉讼案件，且个人信用记录良好。

The definition of “senior officers” includes: directors, supervisors, general manager, deputy general manager, chief financial officer, board secretary of a corporate-type enterprise, and other personnel specified in the corporate’s articles of association; general partners of a partnership-type enterprise and other personnel specified in the limited partnership agreement. Where a general partner of a partnership-type enterprise is a legal entity, the senior officers of such legal entity shall also be deemed senior officers of the relevant Hainan QFLP PFMs.

高级管理人员包括：公司型企业的董事、监事、总经理、副总经理、财务负责人、董事会秘书和公司章程约定的其他人员，以及合伙型企业的普通合伙人和合伙协议约定的其他人员。合伙型企业的普通合伙人为法人机构的，则该机构的高级管理人员一并视为高级管理人员。

3.        Formation and Operation Procedures of Hainan QFLP Entities
海南QFLP企业的设立及运营流程

During the formation and operation of Hainan QFLP Entities, the following matters shall be noted:

在设立及运营海南QFLP企业的过程中，需重点关注下列事宜：

Ÿ   Industrial Park: As of now, the Hainan Free Trade Port has set up following 11 key parks. These parks cover three major industries: modern services, advanced technologies, and tourism.
落地园区：海南自由贸易港目前设立了下述11个重点园区，园区产业类型涵盖现代服务业、高新技术产业和旅游业三大领域。

-          Modern Service Industrial Park: Haikou Jiangdong New Area, Haikou Integrated Free Trade Zone, Sanya Central Business District, Boao Lecheng International Medical Tourism Pilot Zone.
现代服务业园区：海口江东新区、海口综合保税区、三亚中央商务区、博鳌乐城国际医疗旅游先行区。

-          High-tech Industrial Park: Yangpu Economic Development Zone, Haikou National Hi-tech Industrial Development Zone, Sanya Yazhou Bay Science and Technology City, Wenchang International Aerospace City, Hainan Ecological Software Park and Haikou Fullsing Internet Industrial Park.
高新技术产业园区：洋浦经济开发区、海口国家高新技术产业开发区、三亚崖州湾科技城、文昌国际航天城、海南生态软件园和复兴城互联网信息产业园。

-          Tourism Park: Hainan Lingshui Li’an International Education Innovation Pilot Zone.
旅游业园区：陵水黎安国际教育创新试验区。

Ÿ   Letter of Recommendation: Hainan Administration for Market Regulation is responsible for the registration of fund enterprises. In addition to Hainan QFLP Entities, the other fund management enterprises/fund enterprises formed in Hainan Province also need to obtain a letter of recommendation issued by a relevant functional department under direct supervision of the provincial government or by the city/county government, to Hainan Administration for Market Regulation, before going through the registration procedures. This fully demonstrates the advantage of the Hainan QFLP Measures of treating domestic and foreign investors equally without discrimination, which means the same (or even easier) preposing procedures will apply to Hainan QFLP Entities, compared with other domestic fund management enterprises/fund enterprises.

推荐函：海南省市场监督管理局负责基金企业的注册登记。除海南QFLP企业外，海南省设立的其他基金管理类企业/基金类企业办理注册登记程序前，亦需由省直属相关职能部门或市县人民政府向海南省市场监督管理局出具推荐函，这充分体现了海南QFLP制度内外资无差别待遇的制度优越性，即海南QFLP企业与其他内资基金管理类企业/基金类企业适用同样（或口径更宽松）的前置推荐函流程。

Ÿ   Registration: Hainan Administration for Market Regulation simplifies the offline formation and registration process and shortens the time required for the formation, that is, as long as all required materials are submitted, an enterprise may directly apply for a business license from Hainan Administration for Market Regulation after completing online approval of its name and examination of the submitted materials.

注册登记：海南省市场监督管理局简化了线下设立登记流程并缩短了工商设立所需的时间，即：在材料齐备的情况下，完成线上名称核准及材料审核通过后，可直接向海南省市场监督管理局申领营业执照。

Ÿ   Foreign Exchange Registration and Opening of Accounts: The applicant shall entrust a qualified commercial bank to handle foreign exchange registration and open of accounts (including capital account, special account for fund raising and settlement, escrow account, etc.)

外汇登记及账户开立：需委托有资质的商业银行办理外汇登记、开立资本金账户、募集结算资金专用账户、托管账户等。

Ÿ   Investment Operations: (a) Where there is any change in the enterprise name, business scope, shareholders or partners, capital commitment or capital contribution, time limit for contribution, organization form, senior officers, etc., of Hainan QFLP Entities, the entity’s registration shall be changed accordingly pursuant to the relevant regulations; and (b) Hainan QFLP Entities shall report the following significant matters in their investment operations on a semi-annual basis to the Hainan FSA: information on operation of investment projects, amendments to important legal documents, other matters required by the Hainan FSA, etc.

投资运作：（a）海南QFLP企业的企业名称、经营范围、股东或合伙人、认缴或实缴出资金额、缴付期限、企业组织形式、高级管理人员等发生变更时，需按照相关规定办理变更登记手续;（b）海南QFLP企业需每半年向海南省金融管理局报告半年投资运作中的下述重大事项：投资项目运作情况、重要法律文件的修改、海南省金融管理局要求的其他事项等。

Ÿ   Project Realization and Distribution: Hainan QFLP Entities may distribute profits, liquidate, or withdraw its capital in accordance with the articles of association or the limited partnership agreement. Hainan QFLP Entities shall submit the relevant evidentiary materials to the bank for outward remittance of profits, dividends, and bonuses; and it may only make outward remittance upon examination and approval. Communicating with the foreign exchange regulatory bank in advance to confirm the requirements of the specific evidentiary materials is recommended.

项目退出及分配：海南QFLP企业可按照公司章程或合伙协议的约定进行利润分配或清算撤资。海南QFLP企业进行利润、股息、红利汇出时，需向银行提交相关证明材料，经审核通过后方可汇出境外。具体证明材料，建议事先与外汇监管银行沟通确认。

IV.   Investment Scope of Hainan QFLP Funds

The investment scope of Hainan QFLP Funds is regulated by a negative list, which means the Hainan QFLP Funds may carry out businesses not covered by the negative list. In accordance with Article 21 of the Hainan QFLP Measures, the negative list prohibits investments of Hainan QFLP Funds in the following areas:

海南QFLP基金的投资范围采取负面清单管理模式，海南QFLP基金可开展负面清单以外的业务。根据海南QFLP制度第21条的规定，海南QFLP基金投资范围的负面清单包括：

（1）      Invest in fields where foreign investment is prohibited;
   在国家禁止外商投资的领域投资；

（2）      Trade in stocks and corporate bonds in the secondary market;[4]
   二级市场股票和企业债券交易；

（3）      Trade in futures and other financial derivatives;
   期货等金融衍生品交易；

（4）      Invest in non-self-use real estate;
   投资于非自用不动产；

（5）      Misappropriate non-self-owned capital to make investment;
   挪用非自有资金进行投资；

（6）      Provide loans or guarantees to non-investee enterprises; and
   向非被投企业提供贷款或担保；

（7）      Engage in other activities prohibited by the laws and/or regulations.
   国家法律法规禁止从事的其他事项。

V.      Preferential Policies Available to Hainan QFLP Entities
海南QFLP企业可享受的优惠政策

Eligible Hainan QFLP Entities and their senior officers and employees may, in accordance with the laws, enjoy preferential policies on enterprise income tax, individual income tax, and talent awards (including talent settlement, purchase of car and house, employment of spouse, enrollment of children, medical care and housing support) in the Hainan Free Trade Port. Hainan QFLP Entities that have settled down in key industrial parks may further enjoy preferential policies of the area where the park is located. For details of the preferential policies, please refer to our previous article – Approaching Hainan Free Trade Port: Gathering of Government and Industry Experts to Escort Private Equity Investments in Hainan.[5]

符合条件的海南QFLP企业以及该等企业的高管人员及员工可依法享受海南自由贸易港有关企业所得税、个人所得税、人才奖励（含人才落户、购车购房、配偶就业、子女入学、医疗和住房保障等）等优惠政策。落户在重点产业园区的海南QFLP企业，还可进一步享受重点产业园区落地的地方优惠政策，具体优惠政策介绍可参见我们此前发布的《海南自贸港零距离：政府及行业专家云集，共为私募基金投资海南保驾护航。

The Hainan QFLP Measures clearly stipulate that Hainan QFLP Entities will be actively promoted to be included in the catalogue of encouraged industries in the Hainan Free Trade Port as provided in the Circular on Preferential Corporate Income Tax Policies for the Hainan Free Trade Port (Cai Shui [2020] No.31),[6] so that Hainan QFLP Entities may enjoy preferential enterprise income tax policies.[7]

海南QFLP制度明确规定，将积极推动外商投资股权投资类企业纳入《关于海南自由贸易港企业所得税优惠政策的通知》（财税[2020]31号）中规定的海南自由贸易港鼓励类产业目录，以便海南QFLP企业享受企业所得税优惠。

On September 1, 2020, the National Development and Reform Commission promulgated the Catalogue of Encouraged Industries in the Hainan Free Trade Port (2020 Version, Draft for Comment) (the “Draft”). Although the encouraged industries in Hainan Province as specified in the Draft do not include private equity funds and private equity fund management enterprises, the “development of a two-way open service system for cross-border investment and financing” as specified in Article 72 thereof leaves some room for QFLP funds, QDLP funds, and their fund management enterprises to be recognized as encouraged industries in Hainan Province. Given that the Catalogue of Encouraged Industries in the Hainan Free Trade Port and relevant detailed rules for such recognition have not been officially launched, it remains uncertain whether Hainan QFLP Funds, Hainan QDLP Funds, and their fund management enterprises can be recognized as encouraged industries in the Hainan Free Trade Port.

2020年9月1日，国家发展改革委员会发布了《海南自由贸易港鼓励类产业目录（2020年本，征求意见稿）》（“征求意见稿”），征求意见稿中已明确列举的海南鼓励类产业尚未包括私募投资基金/私募基金管理企业，但其第72条规定的“跨境投融资双向开放服务体系建设”为QFLP基金、QDLP基金及其基金管理企业被认定为海南鼓励类产业预留了一定的解释空间。鉴于海南自由贸易港鼓励类产业目录和相关认定细则尚未正式公布，海南QFLP基金、海南QDLP基金及其基金管理企业是否能被认定为海南自由贸易港鼓励类产业，还有待进一步观察。

VI.   Comparison of the Hainan QFLP Measures with QFLP Pilot Measures in Other Popular Regions
海南QFLP制度与其他热门地区QFLP试点制度比较

In order to help readers understand the differences between Hainan QFLP Measures and QFLP pilot schemes in other regions, we have prepared the following comparison table based on the QFLP pilot schemes in Shanghai and Shenzhen:

为方便广大读者进一步比较海南QFLP制度与其他地区QFLP试点制度的区别，我们以上海、深圳的QFLP试点制度为基础，准备了下述制度比较表：

VII.Summary
小结

The Hainan Free Trade Port’s soil of reform and innovation has bred an unprecedentedly easy QFLP policy, and the launch of Hainan’s QDLP scheme is gaining speed.[8] According to the news, domestic and foreign financial institutions and leading fund managers have gone to Hainan Province to seek cooperation, and many investment institutions are eager to start up their business in Hainan Province.[9] It is expected that, in the context of the gradually improved policy system and business environment, the institutional advantages of forming cross-border investment funds in Hainan will be fully unleashed, and various asset management institutions all over the world will be encouraged to gather in the Hainan Free Trade Port.

海南自由贸易港改革创新的土壤孕育出力度空前的宽松QFLP政策，且海南QDLP制度也在加速推进中。据新闻报道，来自国内外的金融机构以及头部基金已纷纷赴海南寻求合作，许多投资机构也跃跃欲试希望开辟海南板块。期待在逐步完善的政策体系及营商环境中，海南跨境基金的制度优势能充分释放，推动全球各类资产管理机构在海南自由贸易港集聚。