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home >> News
Standard Chartered, HSBC 'poised to enter FTZ'
According to Ding, by facilitating investment channels, lowering entry barriers for financial services and offering a level-playing field for private-sector companies and State-owned ones, the FTZ will be a bright spot for the financial hub of the world's second-largest economy.
"The pilot zone is a crucial move in adapting to global economic and trade developments and imposing a more proactive opening-up strategy," said a Ministry of Commerce statement, adding that it will help explore a new path for China's opening up, speed the transformation of government functions and promote economic restructuring.
In July, the SCMP reported that Beijing would allow foreign banks to set up wholly owned subsidiaries in the new zone. The move could cut years from the time foreign banks must otherwise spend before opening branches or subsidiaries on the mainland.
According to the report, lenders in the zone may be allowed to provide unrestricted banking services similar to the offshore yuan trading offered by HSBC, Standard Chartered and other banks in Hong Kong, which are already popular with corporate and individual clients.
Dim sum bonds, loans and foreign exchange trading are expected to be included.
Policymakers may allow free conversion of the yuan under the capital account and market-oriented interest rates on a trial basis in the pilot free trade zone, according to a draft plan acquired by Bloomberg News.
It also said that qualified foreign banks may get the go-ahead to set up branches or joint ventures with local lenders in the zone, with some Chinese banks possibly offering offshore banking services,
"If this speculation is true, it will be a great stage in the nation's economic reform, and that will upgrade China's economy from low-end manufacturing to higher-end services," said Shen Zhengyang, an analyst with Northeast Securities Co Ltd.
FTZ concept stocks had another strong day on mainland markets, with 23 rising by the daily limit.
Gao Changxin in Hong Kong contributed to this story.
