The Shanghai Head Office of China's central bank says all foreign talents working in the city can now open free trade accounts to enjoy convenient financial services.
Before, only those foreigners actually employed inside the free trade zone could open one of these special accounts.
The regulation explains in detail the requirements of opening an account and what kind of financial services foreigners can have with their foreign accounts.
"The new regulation allows more foreigners to open their free trade accounts. They can be divided into four categories: First is those meeting the requirements of talent introducing policy; second is overseas Chinese working in industries registered on the list of Shanghai Technology and Innovation Center; third is international organization employees registered in China; and the last is all others registered with the Shanghai Technology and Innovation Center who are qualified for our requirements," said Zhao Rong, head of Shanghai Branch, Bank of China.
The regulation is part of China's efforts to further expand cross-border financial services in the Shanghai Free Trade Zone to better serve technological innovation and the real economy.
It covers areas such as tree trade accounts, international trade financing and the refinancing of financial institutions.
