Praise for free trade zone's innovations
Twenty innovations involving finance in the city’s free trade zone have been picked by the authorities as examples worth copying throughout the country, according to a press release on Thursday.
Among them, AIA insurance established the first wholly foreign-owned life insurance company on Chinese mainland. The China Foreign Exchange Trade System launched the main brokerage business in the inter-bank foreign exchange market to provide more diversified foreign exchange risk hedging channels for foreign investors and further enhance the attractiveness of yuan-denominated financial assets.
Shanghai Commercial Paper Exchange Corp launched a supply chain finance platform and successfully implemented the first batch of supply chain invoice discounting business, which improved the flexibility of the use of commercial paper and reduced the cost of demand uncertainty.
The Lingang Special Area took the lead in carrying out cross-border transfers of domestic trade financing assets, and Industrial and Commercial Bank of China, China Construction Bank and China CITIC Bank were among the first to successfully handle cross-border transfers of domestic trade financing assets.
The Lingang area also took the lead in implementing cross-border yuan settlement facilitation for high-quality enterprises. Bank of China took the lead in providing convenient financial services for high-quality enterprises in Lingang.
Lingang also carried out foreign debt registration management reform. The Agricultural Bank of China provided the first one-off foreign debt registration in Shanghai for high-tech enterprises registered there.
CCB Resources, a risk management subsidiary of CCB futures, debuted the “mask option” for the development of financial risk management tools to reduce business risks faced by enterprises due to upstream raw material price fluctuations, and to help the production of anti-epidemic materials.
China UnionPay offered short-term immigrants mobile payment in China. Shanghai Financial Court issued the first specific regulation on the implementation of representative litigation system in securities disputes, which is adapted to the trial of group securities disputes.