News Room
China adds three areas to its expanding list of free trade zones
Author:
Posttime:2020-09-30
CHINA has decided to set up three new free trade zones (FTZs) as part of efforts to attract foreign investment and boost trade, reports Caixin.
The State Council, China's cabinet, has announced a plan to further expand the FTZ programme, adding zones in Beijing, Central China's Hunan province and the eastern province of Anhui. The plan also involves expanding an existing FTZ in the eastern province of Zhejiang, and will bring the country's total number of FTZs to 21.
In China, FTZs are designated areas with preferential business, trade and financial policies that are intended to attract international businesses while testing economic reform and opening measures.
According to the plan, banks in the zone will be allowed to issue overseas RMB-denominated loans to foreign institutions' non-resident accounts (NRA), a special type of account opened with Chinese mainland banks by overseas entities and individuals. Beijing's FTZ will also serve as a testing place for a digital currency developed by the People's Bank of China.
source:Schednet
Related posts
Today news
- Evergreen's 24,000 TEU Ever Acme delivered 4 months ahead of schedule
- Major Chinese ports container volume up 2% in late November
- Japanese insurers to halt ship insurance for all of Russia
- Xeneta container rates alert: calm before storm, as long-term ocean freight rates hold steady ahead of expected new year pain
- APL England's box loss report finds ship's lashings in poor shape
Picture news
