China Expands Financial Opportunities in Free Trade Zones

China will allow foreign financial institutions to provide new financial services on par with domestic firms in select free trade zones, per the central bank's announcement. The government will also streamline fund transfers related to foreign investments in regions including Beijing and Shanghai.

In a significant move, China has announced that foreign financial institutions will receive equal treatment to domestic ones for new financial services within certain free trade zones, according to the central bank's statement on Wednesday.

This policy aims to stimulate novel financial services not yet available in the country and will be implemented in strategic areas like Beijing and Shanghai. The guidelines were unveiled in a collaborative effort by five government agencies.

Furthermore, the initiative will simplify the transfer of funds associated with foreign investments, both inbound and outbound, enhancing the appeal of these regions as financial hubs.

(With inputs from agencies.)