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Shanghai to add more free trade accounts: mayor (Xinhuanet)

Shanghai will add more free trade accounts, a measure aimed at easier financing for companies in the city.

A total of 70,000 free trade accounts have already been opened in Shanghai and total financing exceeded 1.1 trillion yuan, said Ying Yong, mayor of Shanghai, on Monday.

The accounts became operational starting from 2014 in the free trade zone in Shanghai, located in the Pudong New District. Companies registered in the FTZ use the accounts for financing, investment and other cross border transactions.

The accounts enable funds to move freely between the FTZ and offshore entities, while curbing speculative risks from overflowing in the onshore financial system.

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Source: Xinhuanet
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