China's top securities regulator has issued a package of policies to support the capital market in the Shanghai pilot free trade zone.
China's central bank has reiterated its commitment to a prudent monetary policy while also pledging to make its policy more targeted and coordinated.
The China (Shanghai) Pilot Free Trade Zone was officially launched on Sunday at a ceremony presided over by Shanghai Party chief Han Zheng and Commerce Minister Gao Hucheng.
China Banking Regulatory Commission announced eight measures on Sunday to support banking in the Shanghai pilot free trade zone.
8 Chinese commercial banks are competing against time to set up branches in the pilot zone as it is to open officially on Sunday.
Initiatives proposed in the Shanghai free trade zone will provide tax incentives for foreign companies, which will especially benefit startups.
The yuan will be fully convertible in the Shanghai Free Trade Zone, a development that puts it in a better position to become a global currency.
It means Chinese banks in the zone will be permitted to provide services to depositors who are residents in other countries.
Chinese shares closed higher on Friday as the government announced a detailed plan for the pilot free trade zone in Shanghai.
Bank of China is likely to officially open its branch in the China (Shanghai) Pilot Free Trade Zone on Sunday, a source told the 21st Century Business Herald newspaper.
To show a clearer picture of what foreign companies expect from the coming free trade zone in Shanghai, Kenneth Jarrett shared his thoughts on this project.
The Shanghai Free Trade Zone could prove a game-changer for foreign banks that are struggling in China by creating an offshore financial market.
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