The Pudong New District of Shanghai, where the China (Shanghai) Pilot Free Trade Zone is located, plans to advance the zone's development through innovations in the way it manages investment, trade procedures, and financial systems in 2016, Pudong authorities announced at a work conference on April 13.

One highlight of those measures is the innovation of the financial system, which contains six aspects. The first is to develop more functions for the free trade account. The second is to promote the trial operation of capital account convertibility. The third is to seek greater global use of yuan, and develop more backflow channels of offshore yuan, as well as promoting a cross-border bilateral flow of the currency.

The fourth is to accelerate the establishment of a national trust registration service institution. The fifth is to support the China Foreign Exchange Trade System and Shanghai Stock Exchange creating international financial asset trading platforms. The sixth is to facilitate the development of the national insurance investment fund and the establishment of Shanghai Insurance Exchange.

Source: China daily.com