TechFlow, July 4 — According to Jinshi Data, Ji Min, head of the Research Bureau at the People's Bank of China, said at a regular State Council policy briefing on July 4 that moving forward, the PBOC will work with relevant departments and other financial regulators to continue supporting pilot free trade zones in deepening alignment with high-standard international economic and trade rules and promoting higher-level institutional opening-up, all on the basis of effectively managing risks.
On one hand, further deepen financial opening-up and innovation in the Shanghai Pilot Free Trade Zone. Recently, eight supportive measures were announced at the Lujiazui Forum, including developing offshore bonds under the FTZ framework, upgrading functions of the Free Trade Accounts, and launching comprehensive pilot reforms for offshore trade financial services.
On the other hand, intensify replication and promotion of the "Shanghai experience," extending measures such as innovative applications of digital RMB to other relevant pilot free trade zones, and expanding optimized electronic payment services nationwide, thus exploring practical paths and accumulating more replicable and scalable experience for open and innovative development in China's financial sector.
