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The Shanghai free trade zone (FTZ) has launched a bid to lure Beijing's top companies to the zone, as officials from the FTZ set up a meeting in the capital on Nov 3 to promote the zone's preferential financial policies, Pudong Times reported.
Many of Beijing's State-owned enterprises, multinationals and private companies have expressed interest in investing in Shanghai's FTZ, which was established in September 2013, but have asked for more information about the zone's investment policies and procedures. The meeting was designed to address these requests.
The zone in Shanghai's Pudong New Area has been focusing on promoting opening-up and innovation in the financial sector and serving the city's goal of becoming an international financial center over the past three years.
Cao Hongying, the FTZ's deputy director, introduced in detail the zone's financial innovations during the meeting, including the free trade account system that allows freer capital movement between the FTZ and offshore destinations, as well as the two-way cross-border renminbi cash pooling system that provides more convenience to companies with overseas investments.
Leaders from the Aluminum Corporation of China, which moved to Shanghai FTZ in 2014 and built its second headquarters there, also outlined the benefits they have received from the zone's innovative policies, with the company's head of capital operations, Wang Jun, suggesting that the attendees could use the policies to develop their overseas businesses.
Other officials from Pudong's financial services bureau, the People's Bank of China's Shanghai headquarters, and Shanghai Bank also spoke during the meeting, which was attended by hundreds of leading Beijing enterprises including State Development & Investment Corp, China Hualu Group, Sinolight Corp, and China National Chemical Engineering Co.
Zha Renchao, a manager at the State Development & Investment Corp, commented that the meeting gave them an authoritative interpretation of Shanghai FTZ's innovative policies, which are quite appealing.
