May 21, 2019

Shanghai to deepen reforms focused on FTZ expansion

Shanghai will deepen financial reforms and innovation that mainly focus on the expansion of the Shanghai Free Trade Zone, according to the city’s financial administration.

The FTZ will explore more powerful opening-up measures such as free receipts and payment of cross-border funds.
According to Zheng Yang, director of the Shanghai Municipal Bureau of Financial Work, the FTZ has unveiled nine batches of 111 cases that highlighted financial innovations achieved in the zone since its establishment.

Shanghai has established its status as the financial center of China. So far, three batches of 31 financial opening-up projects have been submitted to the State Council, the country’s Cabinet, and national financial management departments and 17 of them have been approved.

The city will also enhance policy coordination on financial supervision in the Yangtze River Delta region to improve financial service standards.

Zheng said that in the next step Shanghai will enhance the local regulatory system and further improve local financial regulations.