日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business

Shanghai promotes innovative financial services

By SHI JING in Shanghai | China Daily | Updated: 2025-04-10 00:00
Share
Share - WeChat

The recently passed provisions to promote the development of free trade (FT) accounts at Shanghai's Pudong New Area not only address the rising demand for innovative financial services, but also serve as another major attempt regarding the country's two-way opening-up, said experts.

As China's first local regulation specially promulgated for FT account businesses, the new provisions were passed on March 27, two months after it started to solicit public opinion, and will take effect on May 1.

Touching upon multinational companies' capital pool business, loans provided for overseas entities' mergers and even retail businesses under the FT account, the new provisions have demonstrated to both Chinese and foreign companies the direction of China's future financial opening-up, said Cao Xiao, head of School of Finance at Shanghai University of Finance and Economics.

As explained by Lu Hua, professor from the School of Economics at Fudan University, innovative supply chain finance services are now in high demand. This is especially true among biopharmaceutical companies and cross-border e-commerce platforms, as they need resources from both home and abroad. The FT account can address such demand by exploring more application scenarios, she said.

The FT account mechanism was first experimented in Shanghai in 2014. As of end 2024, about 170,000 such accounts had been opened in the city. Over the past decade, the average annual growth rate of cross-border receipts and payments in domestic and foreign currencies made via the accounts exceeded 30 percent, while that for cross-border receipts and payments handled by non-resident enterprises approached 40 percent.

One major highlight of the new provisions, according to Lu, is that banks are allowed to provide cross-border financial services via the FT account for qualified overseas individuals conducting domestic direct investment in the high-tech industries and strategic emerging industries.

Banks can also provide transfers freely to non-resident accounts for overseas individuals who have opened FT accounts. Other settlement services aiming to facilitate the work and life for those living in the China (Shanghai) Pilot Free Trade Zone and holding FT accounts will also be provided, according to the provisions.

This progress has addressed the rising number of overseas talent entering China, said Lu. With the wider proliferation of the FT account, more convenient settlement measures may be introduced regarding overseas users' medical, travel or consumption payments when using this account, she added.

Apart from high accessibility, the FT account can attract more users by introducing favorable foreign exchange and tax policies, she suggested.

Banks and financial institutions are allowed to provide cross-border capital and asset management for multinational companies via the FT account, comprising another major highlight of the new provisions, according to Cao.

Integrated domestic and foreign currency services will be available from the FT account. When banks issue non-resident merger and acquisition loans to FT accounts through branches in the Lin-gang Special Area of the Shanghai FTZ, restrictions regarding loan ratios and repayment periods will be relaxed to some extent.

Qualified enterprises engaged in bulk commodity production or cross-border trade are allowed for cross-border hedging under the FT accounts, but such services should be entrusted to domestic futures operating institutions approved by the top financial regulatory departments. These institutions should have obtained overseas futures brokerage qualifications, according to the new provisions.

These measures indicate that financial institutions are given more room to come up with innovative services catering to companies' specific demand, said Cao.

Ma Chenguang, senior partner of Co-effort Law Firm LLP in Shanghai, explained that the implementation of the new provisions requires coordination from various municipal and national departments. Therefore, the provisions should be better connected to the international practices and China's national-level financial regulations. In this way, the FT account can explore the application scenarios, which is conducive to the renminbi's higher influence in the international market, she said.

 

A view of the financial center of Shanghai's Pudong New Area. WANG GANG/FOR CHINA DAILY

 

 

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 欧美精品黄页在线观看大全 | 久久草网站| 国产日韩精品一区 | 亚洲激情视频在线观看 | 91看片淫黄大片一级在线观看 | 国产永久免费 | 中文字幕在线精品 | 色多多成视频人在线观看 | 蜜桃网在线观看 | 欧美videosex性极品hd | 色噜噜狠狠狠狠色综合久不 | 久久国产免费看 | 亚洲电影一区二区三区 | 久久久久国产一区二区三区 | 欧美xxxxx视频在线 | 性色网址 | xx视频在线观看 | 亚洲国产精品热久久2022 | 最新日韩精品在线观看 | 亚洲综合色视频在线观看 | 亚洲成a人片在线网站 | 精品一区久久 | 中文字幕乱码一区二区三区 | 免费看黄在线网站 | 99国产精品2018视频全部 | 亚瑟天堂久久一区二区影院 | 色999久久久精品人人澡69 | 久久偷拍人 | 欧美性猛交一区二区三区精品 | 久久影院一区二区三区 | 国产成人综合欧美精品久久 | 丁香婷婷在线观看 | 免费精品一区二区三区在线观看 | 精品一区二区三区在线视频 | 久久久久久国产精品免费免费狐狸 | 99久久久无码国产精品 | 91短视频app下载安装无限看丝瓜山东座 | 亚洲国产精品久久久久秋霞蜜臀 | 中文字幕av一区 | 日本啊v在线观看 | 婷婷综合色 |