State Council, General Plan for the China (Zhejiang) Pilot Free Trade Zone

Promulgated: March 15 2017

Main contents: The establishment of subsidiaries, branches and specialized institutions in the zone by foreign-funded banks is supported. Development of the commercial factoring business is supported. Engagement in renminbi offshore securities investment in accordance with provisions by qualified enterprises in the zone is supported. Foreign-invested equity investment management institutions and foreign-invested venture capital management institutions are permitted to promote in the zone funds that manage renminbi equity investments and venture capital investments. Qualified lease financing business in the zone is permitted to charge rent in foreign currencies. Qualified individuals in the zone are permitted to invest in domestic and foreign securities markets in accordance with provisions. The participation in mutual recognition of mainland Chinese and Hong Kong fund products by fund products in the zone that satisfy mutual recognition conditions is supported (Item 12, Section Three).

Cross-border bi-directional renminbi fund pool business by multinational enterprise groups will be launched. Domestic and foreign financial institutions, financial technology enterprises and financial information service enterprises are permitted to participate in the development of the oil product trading spot market in the zone. Foreign enterprises will gradually be permitted to participate in commodity futures trading. Cooperation with international financial institutions and international oil product trading companies will be strengthened (Item 13, Section Three).