Shanghai Municipality, Circular on Further Expanding the Cross-border Financial Service Functions of the Pilot Free Trade Zone to Support Scientific and Technological Innovation and the Real Economy

3. individuals working in international organizations registered in China and managed as international employees; and

4. other qualified foreign individuals employed by an organization on the “Shanghai Science and Technology Innovative Profession List”.

Services provided to such persons may include cross-border financial services relating to foreign medicine and health, children's education, etc.; repayment of home country/region mortgage loans or consumer loans and purchase of medical insurance; financial services relating to enrollment in a domestic or foreign equity incentive plan; financial services relating to the engagement in such capital account business as investment, wealth management, etc. in the Zone and abroad; and, when the supporting conditions are ripe, investment in relevant domestic markets in accordance with relevant provisions (Section One).

Supporting financial institutions in providing complete and comprehensive cross-border services at the pace of the life cycle of scientific and technological innovations (Section Two).

Banks in the Shanghai region may open accounts for cross-border e-commerce enterprises registered in the Zone and provide cross-border renminbi and foreign currency settlement services based on the needs of the genuine cross-border e-commerce conducted by such enterprises (Section Three).

The establishment onshore of full function cross-border renminbi fund pools by multinational enterprise groups to centrally manage renminbi funds around the world is supported (Section Four).

The provision by financial institutions of renminbi and foreign currency international trade financing to enterprises through free trade accounting units is supported, and they may carry out trade refinancing-related matters in the Zone and abroad, and choose the refinancing currency at their own discretion (Section Five).

Equity investment project companies and equity investment funds established in the Zone may open accounts in free trade accounting units of financial institutions and raise funds in the Zone and abroad to engage in cross-border equity investment (Section Six).

Related legislation: Guidelines on Bond Business in the China (Shanghai) Pilot Free Trade Zone