Chinese official: support Pudong to take the lead in exploring the implementation path of capital account convertibility
China News Service, Beijing, July 15 "The Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting the High-Level Reform and Opening Up of Pudong New Area to Build a Leading Area for Socialist Modernization" was announced on the 15th.
The "Opinions" mentioned that it supports Pudong to take the lead in exploring the implementation path of capital account convertibility.
The "Opinions" pointed out that the ability to allocate global resources should be enhanced, and services should build a new development pattern.
Improve the financial market system, product system, institutional system, and infrastructure system, support Pudong to develop offshore RMB transactions, cross-border trade settlement and overseas financing services, build an international financial asset trading platform, and increase the price influence of important commodities, and better Serve and lead the development of the real economy.
The "Opinions" require that financial liberalization be further increased.
This includes supporting Pudong to take the lead in exploring the implementation path of capital account convertibility.
Innovate internationally oriented RMB financial products, expand the scope of overseas RMB domestic investment financial products, and promote the cross-border two-way flow of RMB funds.
Research and explore the pilot program of RMB foreign exchange futures trading at the China Foreign Exchange Trading Center.
Promote cooperation between the financial futures market and the stocks, bonds, foreign exchange, insurance and other markets to jointly develop financial market products and tools that meet the needs of investors.
Build an offshore financial system that matches the Shanghai International Financial Center, and support Pudong to develop offshore RMB transactions under the premise of controllable risks.
The "Opinions" require the establishment of important investment and financing platforms at home and abroad.
Support the establishment of an international financial asset trading platform in Pudong, and allow qualified foreign institutional investors to use RMB to participate in the issuance and trading of shares on the Sci-tech Innovation Board on a pilot basis.
Support the pilot reform of simplifying foreign debt registration in Pudong.
Improve the foreign debt management system and expand cross-border financing space.
Promote the interconnection of infrastructure in the Shanghai bond market.
Accelerate the unified opening of China’s bond market, including the inter-bank and exchange bond markets, to further facilitate qualified foreign institutional investors to participate in the Chinese bond market.
The "Opinions" stated that the financial infrastructure and systems should be improved.
Among them, it is mentioned that the study has steadily implemented a registration system centered on information disclosure in the entire securities market, and introduced a market maker system on the Science and Technology Innovation Board.
Support the Shanghai Futures Exchange to explore the establishment of a national commodity warehouse receipt registration center on the market, develop futures bonded warehouse receipt business, and give or implement supporting cross-border financial and tax policies.
Build an international oil and gas trading and pricing center, and support the Shanghai Oil and Gas Trading Center to launch more trading varieties.
Establish a standard system for trade finance blockchains, and carry out pilot digital currency trials.
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