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

 

Via scmp.com

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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