Eligible products will include wealth management products, private asset management products from securities, fund, and futures operators, publicly offered securities investment funds, and insurance asset management products.

The program aims to diversify cross-border financial product offerings and explore new channels for overseas investors to access China's domestic market, according to an official with the Hainan branch of the People's Bank of China, one of the co-formulators of the rules.

It is also expected to attract both domestic and international asset management institutions to operate in Hainan, supporting the development of the Hainan FTP, according to the official.

As part of its broader economic strategy, China is transforming Hainan into a Free Trade Port. As the Hainan FTP is set to begin independent customs operations by the end of the year, the province is poised to become not only a tourist haven but also a pivotal gateway for China's opening-up drive.