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Central bank building capital flow monitors to control FTZ risks
Online Edition
CHINA’S central bank is building a monitoring system of capital flows in the Shanghai pilot free trade zone, paving the way for highly anticipated financial liberalization in the zone.
The People’s Bank of China is also creating a database of more than 6,000 existing enterprises in the zone, as part of the preparatory work to control the potential risks of financial opening, the management committee of the zone said today.
The central bank has drafted financial policies within the zone that will be released after risk-control measures are created and thoroughly tested, according to Ai Baojun, Shanghai vice mayor and director of the zone’s management committee.
China will allow free yuan convertibility under capital accounts, interest rate liberalization and cross-border use of the yuan in its first free trade zone on a trial basis as long as risk is controlled, according to the overall plan for the zone.
As of last Friday, the zone had attracted 38 foreign-funded companies since it opened in September, bringing in total registered capital of US$560 million.
A total of 1,396 domestic companies with registered capital of 3.47 billion yuan have set up in the zone.
Trading companies account for 69 percent of the newly established companies while service enterprises represent 26 percent. The remainder are financial and logistics companies.
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