China Levels the Playing Field for Foreign Financial Firms

China is set to grant foreign financial institutions the same treatment as domestic ones in offering innovative financial services within some free trade zones. This move, announced by the central bank, includes aiding the transfer of investment funds in key regions like Beijing and Shanghai.

In an unprecedented move to level the financial playing field, China announced that foreign financial institutions will receive equal treatment to domestic firms in providing new financial services within select free trade zones. This new policy was unveiled by the central bank on Wednesday.

Furthermore, China plans to facilitate the efficient transfer of funds related to foreign investments into and out of these designated regions. This comes as part of broader efforts to enhance free trade zones, with major areas like Beijing and Shanghai being prioritized.

The guidelines, jointly published by five government agencies, aim to attract more foreign investment by easing regulations and opening up new opportunities for both domestic and international financial players.

(With inputs from agencies.)