Shanghai WFOE Service
Shanghai will launch the Commercial Papers Exchange and the National Trust Registration Platform and bring its number of national financial markets to 12, officials said last week.
After the opening of Shanghai Free Trade Zone, the central government approved the establishment of Shanghai International Energy Exchange, Shanghai International Gold Exchange and Shanghai-Hong Kong Stock Connect, as well as markets for the trading of gold derivatives, commodity derivatives, and interest rate derivatives.
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The 40 guidelines for financial reform adopted by Shanghai Free Trade Zone enabled the yuan’s convertibility under the capital account and the cross-border trading of the yuan.
China also plans to open an international financial asset trading platform and is conducting feasibility studies for the Shanghai-London Stock Connect and the cross-border trading of bonds. Shanghai will cooperate with national authorities to draw a plan for comprehensive financial supervision and a negative list for financial market opening.
Relevant departments will improve the city’s legal, public credit, talent recruitment, taxation and accounting regulations to create a better ecosystem for financial markets in Shanghai.
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