As promised in our article published in the past few days, we are now releasing some update on the new Shanghai Free Trade Zone.

The State Council has in fact launced an overall plan according to which opening-up measures in six fields of the service industry such as financial services, shipping services, business and trade services, specialized services, cultural services and social services are going to be enacted.

It is worth noting that the opening-up measures in the financial services field are divided into three types, in relation to which the measures for banking services, including allowing qualified foreign-funded financial institutions to establish foreign-funded banks, allowing qualified private capital and foreign-funded financial institutions to establish Chinese-foreign joint banks, and allowing qualified Chinese-funded banks to operate offshore business within the zone. Of course in order to allow carrying out such activities, relevant management measures are improved and effective supervision is strengthened.

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