Opinions of the China (Shanghai) Pilot Free Trade Zone on Expanding the Opening-up of the Financial Service Sector and Further Creating New Advantages for Development and Openness
Opinions of the China (Shanghai) Pilot Free Trade Zone on Expanding the Opening-up of the Financial Service Sector and Further Creating New Advantages for Development and Openness
Opinions of the China (Shanghai) Pilot Free Trade Zone on Expanding the Opening-up of the Financial Service Sector and Further Creating New Advantages for Development and Openness
June 21, 2018
To implement the strategic arrangements made by the Central Committee of the Communist Party of China with respect to the all-round opening-up of the financial sector, take the lead in promoting the implementation of important measures rolled out to open China's financial sector wider, strengthen the synergy between building Shanghai into an international financial center and building the Shanghai Pilot Free Trade Zone, turn the Shanghai Pilot Free Trade Zone into a new high ground for the wider opening-up of the finance industry, retain the leading position of the Shanghai Pilot Free Trade Zone with respect to its openness in the financial sector, and further create new advantages in development and opening-up, the following opinions are formulated.
I. Operating New Policies to Attract and Gather Together Foreign-invested Financial Institutions
1. Expand the openness of the banking sector in the Shanghai Pilot Free Trade Zone. Encourage foreign banks to set up both branches and sub-branches. Endorse the efforts of foreign-invested banks in broadening their respective business scope. Support commercial banks to establish financial asset investment companies and wealth management companies that are free from limits on the maximum foreign shareholding. Encourage foreign investment in financial areas of the banking sector, such as trust, financial leasing, automobile finance, money brokerage and consumption finance. Learn from good practices from overseas regulatory sandboxes to deepen the interactive mechanism on the regulation of innovative banking business in the Shanghai Pilot Free Trade Zone and support the opening-up and innovation of the banking business.
2. Expand the openness of the securities industry in the Shanghai Pilot Free Trade Zone. Support the establishment of foreign-controlled securities companies, fund management companies and futures companies. Support already established joint-venture securities companies, fund management companies and futures companies to raise the weight of foreign shareholding.
3. Expand the openness of the insurance industry in the Shanghai Pilot Free Trade Zone. Support the establishment of foreign-controlled life insurance companies. Support the establishment of foreign-invested insurance groups, re-insurance institutions, insurance agencies and insurance assessment corporations. Support foreign-invested insurance agencies to broaden their business scope. Explore ways of promoting the pilot program on catastrophe insurance.
4. Support overseas central banks and international financial organizations to establish representative offices or branches within the Shanghai Pilot Free Trade Zone.
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