|Yiwu FTZ Promotion|
On the morning of November 4th, officials from the Yiwu government held a meeting to implement the plan of deepening the financial liberalization of the pilot free trade zone (FTZ). The plan aims to achieve the free circulation of funds and focuses on the liberalization of foreign exchange settlement, the internationalization of RMB, the agglomeration of entities, the facilitation of financing, and the systemization of supervision. The plan covers 27 measures in 8 major areas.
The measures are mainly concerning the following aspects:
- bring a number of FTZ policies suitable for Yiwu, including seven measures, like “establishing one account system for both foreign and local currency, bringing in the NRA account settlement policy, and carrying out a pilot cross-border fund pool for both foreign and local currency”;
- promote a number of basic goals, including six measures, like “increasing financial recruitment efforts” and “expanding overseas RMB loans”;
- strive for a number of policies from upper-level government, including four measures, like “digital currency piloting” and “loan services for foreigners”;
- overcome a number of practical difficulties, including three measures, like “promoting the barrier-free settlement of offshore trade” and “solving the account freeze problem”;
- form a number of industrial innovation measures, including seven measures, like “exploring new barter trade model” and “strengthening the digital Comprehensive Bonded Zone.” (By Luo Hongting, translated by Lin Yuqin, edited by Mariam Ayad)