Shanghai To Expand Access To Overseas Funding For Companies As Part Of Plan For Free Port



Shanghai plans to make it easier for more companies based outside its free-trade zone to raise capital from outside mainland China as it seeks government endorsement for plans to expand the zone into what it calls a free-trade port.

Mayor Ying Yong told reporters on Monday that such companies would be allowed to use the so-called FT bank accounts currently available to companies within the 120 square kilometre (46 square mile) free-trade zone.

“Shanghai will expand the scope to allow more businesses to use FT accounts,” he said at a media conference after the close of the annual session of the Shanghai People’s Congress. “Regarding the free-trade port issue, Shanghai will build it under the direction of the central government, which is making overall arrangements.”


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