Off the wire
• Chinese premier back in Beijing after Indonesia, Japan tour  • Xi stresses coordinated efforts in central, local institutional reform  • Weather forecast for major Chinese cities, regions -- May 9  • Maintaining healthy, stable development of Sino-US trade ties in global interest: FM spokesperson  • Prime Minister Keith Rowley of Trinidad and Tobago to visit China next week  • China calls for joint efforts to promote healthy Sino-U.S. trade ties  • DPP administration bears full responsibility for Taiwan not being invited to WHA: FM spokesperson  • China expects positive outcomes at DPRK-U.S. summit  • Peony exports of China's "city of peonies" hit 2.7 mln USD in 2017  • 1st LD Writethru: Xi stresses coordinated efforts in central, local institutional reform  
You are here: 　 News/

Shanghai to further open up finance sector

Xinhua,May 14, 2018 Adjust font size:

Shanghai on Sunday announced new measures to open wider its finance businesses, in a bid to develop itself into an international finance center.

In the near future, the city will further open up banking, securities, and insurance sectors, according to the municipal finance authority.

Foreign-funded banks will be encouraged to set up both branches and subsidiaries in Shanghai. The city will also support establishment of securities, fund, and futures companies with majority ownership by foreign capital.

The scope of Shanghai-based foreign-funded insurance companies will be expanded.

The financial market will open wider. For example, the city will support overseas investors to invest in its securities market and overseas innovative enterprises will be allowed to issue Chinese Depository Receipt in Shanghai.

The practice of free trade accounts, which enable funds to move freely between the free trade zone (FTZ) and offshore entities, would be spread to pilot FTZs in the Yangtze River Delta region and the Yangtze River economic belt. The investment and financing function of those accounts would be expanded.

Shanghai will open its market for bank card clearing institutions and non-bank payment services providers, while relaxing the restrictions on credit rating services for foreign-funded financial services companies.

The city will advance financial reforms, without slacking in risk control, said a spokesperson with the authority.


 

Related News & Photos