Free trade account launched in Qianhai

Source :Qianhai Media Center

Domestic and foreign-funded institutions and individuals in Qianhai and Shekou free trade area can now apply for a free trade account (FT account) with the Qianhai outlet of Shanghai Pudong Development Bank after the service was approved by the Central Bank on Dec. 31.

The launch of the FT account service is a major breakthrough in Qianhai’s cross-border financial infrastructure construction. The FT account will allow Qianhai enterprises to use the international financial resources more efficiently and have a higher competitiveness in the international market.

Enterprises and individuals that have the FT account can use the comparative advantages of the domestic and foreign financial markets to better integrate with international standards in terms of account management, currency exchange and financing. They also enjoy multiple other benefits brought by the facilitation measures on trade, investment and financing, institutional innovations, and financial openness of the free trade area.

In April 2019, the People’s Bank of China formally approved the China (Guangdong) Pilot Free Trade Zone to duplicate the FT account service, which was first initiated in China (Shanghai) Pilot Free Trade Zone five years ago. In December 2019, the Shenzhen Branch of Shanghai Pudong Development Bank became the first bank in Shenzhen that is licensed to conduct FT account-related businesses.

As a pilot demonstration window for the opening up of the national financial industry, Qianhai has previously launched five other cross-border services -- cross-border loan, cross-border bonds, cross-border investment, cross-border capital pool and cross-border asset transfer.

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2020-01-06 10:29:00

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