Nansha to carry out pilot reforms on high-level opening up of cross-border trade, investment

An aerial view of Nansha Port. [Photo/gznsnews.com.cn]

The Nansha area of China (Guangdong) Pilot Free Trade Zone was approved to carry out pilot reforms on the high-level opening-up of cross-border trade and investment by the State Council on Jan 4.

The Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone, Yangpu economic development zone in Hainan Free Trade Port and Ningbo's Beilun district in Zhejiang province also gained approval.

The pilot policies include nine capital reform measures, four facilitation measures, and two measures focusing on requirements to strengthen risk prevention and control and regulatory capacity building.

Channels for cross-border investment and financing will be expanded, and more support will be given to medium, small and micro high-tech enterprises looking to borrow foreign debt independently within a certain limit. Facilitation of cross-border investment and financing will also be improved, exempting foreign-invested enterprises from registration for domestic reinvestment.

The State Administration of Foreign Exchange will further deepen reform and opening-up in the foreign exchange sector, enhance the liberalization and facilitation of cross-border trade and investment, and continue to optimize the business environment.