On 23 November 2016, the People’s Bank of China Shanghai Branch released a trial policy that intends to improve cross-border financial services offered in the Shanghai Free Trade Area (FTA), and to support technical innovations and the real economy (New Policy). The New Policy also aims to support the formulation of a Shanghai Technical Innovation Center, and echo the national initiatives “Made in China 2025” and “Crowd Innovation and Entrepreneurship”.
The New Policy calls for action to further expand the functions of the free trade accounts that have been used in the Shanghai FTA to facilitate cross-border transactions, which include:
encouraging banking institutions and paying agents based in Shanghai to provide e-business players with cross-border financial services through free trade accounts
encouraging financial institutions to finance international trade with both domestic and foreign currencies through free trade accounts
encouraging private equity firms and funds in Shanghai FTA to use free trade accounts to raise funds both in and out of the FTA to finance cross-border equity investments
Read more (Chinese only)
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer
for more details.