China (Shanghai) Pilot Free Trade Zone: Support from Regulators of Financial Industry (unofficial English translation)

Business Regulation and Tax Newsflash

Issue 8 - 25 October 2013

The opening-up of financial sector has been one of the key objectives of the China (Shanghai) Pilot Free Trade Zone (Pilot FTZ). Upon the launch of the pilot, the three Chinese government financial services industry regulators  -- the China Banking Regulatory Commission (CBRC), the China Insurance Regulatory Commission (CIRC) and the China Securities Regulatory Commission (CSRC)) -- , respectively released circulars in support of the development of financial services industry in the Pilot FTZ.

According to the circulars, the items tabled below are to be promoted or piloted in the Pilot FTZ; details concerning implementation are still awaited. The Deloitte unofficial English translations of the circulars are also attached.  

  • Setup of branches by Chinese-funded banks
  • Setup of non-banking financial firms
  • Investment by foreign-invested banks
  • Private investment in banking
  • Cross-border financing  and investment services
  • Offshore business
  • Simplification of market access
  • Improvement to banking monitoring system
  • Foreign investment in health insurance firms
  • Cross-border RMB-denominated reinsurance
  • Outbound investment by insurance firms
  • Specialized insurance intermediaries, etc.
  • Shipping insurance
  • Insurance product innovation
  • Setup of functional insurance institutions (e.g. reinsurance center, etc.)
  • Setup of international crude oil futures trading platform
  • Investment in domestic or foreign securities/futures market by qualified investors
  • Domestic raising RMB bonds by foreign companies
  • Setup of specialized subsidiaries by securities/futures firms
  • OTC transactions of commodities/financial derivatives for domestic clients


Deloitte unofficial English translations of other significant regulations are provided via the dedicated portal page

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