BEIJING, June 17 (Xinhua) -- China's National Financial Regulatory Administration unveiled a raft of measures Wednesday in support of efforts to transform Shanghai into an international financial center.
The measures include support for offshore finance, free-trade offshore bonds, reinsurance, shipping, commercial pension products, elderly-care service trusts, financial leasing and digital financial regulation, according to the administration.
To help build an offshore financial system compatible with the vision, the administration has jointly issued an action plan on offshore finance with the People's Bank of China, the National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai municipal government.
The administration said it will support commercial banks in participating in free-trade offshore bond business in Pudong New Area, in accordance with laws and regulations and with risks under control, adding that regulatory rules for such business will be released soon.
The administration will also support Shanghai's further development as an international reinsurance center and an international shipping center.
To help develop the international shipping center, it will support financial institutions in participating in the formulation of international standards for digital shipping and trade finance, promote research on shipping insurance and explore international shipping insurance cooperation with Shanghai as a focus.
It will also support Shanghai in developing locally-tailored commercial pension products and piloting elderly-care service trusts, while backing financial leasing innovation in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone and the establishment of a Shanghai research and development base for digital and intelligent financial regulation. Enditem
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