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Reforms in FTZ set to move quicker

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Reforms in FTZ set to move quicker

December 30, 2015

Reprinted from China (Shanghai) Pilot Free Trade Zone:

http://en.china-shftz.gov.cn/News-Information/News-update/615.shtml

Shanghai will free up overseas investment for individuals and connect the city’s and London’s stock exchanges to accelerate financial reforms in the free trade zone, officials said yesterday.

The Shanghai headquarters of the People’s Bank of China said it will allow individuals to invest overseas directly while also letting banks, brokerages and insurance companies innovate their operations through free trade accounts, and relaxing foreign exchange controls with a negative list.

Details of the widely anticipated Qualified Domestic Individual Investor program, which will allow persons to invest in capital, real estate and industrial sectors, are being drafted.

But no timeframe has been set for their release.

Over 40,000 free trade accounts were set up in the FTZ at the end of November and they transacted 1.83 trillion yuan in the first 11 months of this year, official data released yesterday showed.

Tu Guangshao, executive vice mayor of Shanghai, said the city government is holding talks with the China Securities Regulatory Commission to set up a stock link between Shanghai and London to allow investors to trade shares on each other’s market.

The proposed link will be another landmark in freeing the capital market after the Shanghai-Hong Kong Stock Connect was set up in November last year.

The Shanghai Bureau of the China Banking Regulatory Commission said it will encourage banks to beef up their expertise in overseas wealth-management business, promote a unified reporting standard for Chinese and foreign banks, as well as enhance a system to allow banks to apply for special approval to conduct unregulated innovative business.

Cross-border yuan transactions totaled 1.05 trillion yuan in the first 11 months in the FTZ, taking up 43 percent of the city’s total.

The Shanghai Bureau of the China Insurance Regulatory Commission said it will set up an insurance exchange to facilitate re-insurance and international maritime insurance.

 

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