ISSUING AUTHORITY:

Shanghai Municipal Financial Regulatory Bureau

DATE OF ISSUANCE:

September 6, 2024

EFFECTIVE DATE:

September 6, 2024

On September 6, 2024, the Notification on Release of the Implementing Plan to Further Accelerate High-Level Opening-up and High-Quality Development of Financial Sector of Lingang Special Area of China (Shanghai) Pilot Free Trade Zone (the “Implementing Plan”) was published on the website of Shanghai Municipal Financial Regulatory Bureau.

The Implementing Plan contains 50 provisions covering six aspects. It aims to promote innovation of financial systems, create a financial risk stress testing zone, actively and steadily lift restrictions on non-resident mergers and acquisitions loans, proactively facilitate establishment of special purpose vehicles (SPV) by financial leasing companies in Lingang Special Area and sharing of foreign debt quota therewith, carry out pilot trial of cross-border authentication and electronic identification of digital identities, and support the qualified enterprises in Lingang Special Area in accelerating the building of nationwide digital trust cross-border service platforms, etc.

Reference:

《关于进一步加快推进中国（上海）自由贸易试验区临港新片区金融领域高水平开放高质量发展的实施方案》