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February 7, 2017

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Zones to be further opened up

CHINA will continue to open up its development zones to attract foreign investment and promote international cooperation, the State Council said yesterday.

The government will support the country’s development zones to improve their capability to facilitate foreign trade and encourage international business, a guideline released by the State Council said.

Development zones are pioneer areas in China’s opening-up program. China has over 1,500 national and provincial development zones, which enjoy preferential policies to help nurture technological innovation, free trade, tourism and other key drivers of economic growth.

The guideline said that China would support qualified multinational firms based in the development zones to conduct two-way cross-border yuan cash pooling business.

It also said companies in the development zones could borrow yuan and other currencies from abroad through loans or bonds as long as they met certain regulations.


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