Shenzhen’s government is boosting experimentation in its special zone of Qianhai, announcing another round of deregulatory measures focused on opening various sectors further to foreign investment. Many of the measures, 39 in total, relate to easing restrictions on human resources and encouraging cross-border capital flows.
Hong Kong, Macau and Taiwan-funded enterprises are still getting the biggest share of new support measures. However, all foreign enterprises are seeing an easing of restrictions on work permits for foreigners and an encouragement to engage in cross-border trade from a base in Qianhai. Meanwhile, tax services and patent rights are among the new measures designed to make international investors feel more secure setting up in the zone.
Banks in the zone will now be able to conduct cross-border RMB services and trade in RMB derivatives. This includes locally registered banks being able to issue RMB loans to overseas institutions and projects. Qualified residents, meanwhile, will be able to invest in securities listed overseas.
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