China Tax Alert - Issue 33, December 2013
On 2 December 2013, the People’s Bank of China issued Opinions of the People’s Bank of China on Providing Financial Support for the Development of China (Shanghai) Pilot Free Trade Zone (“the Regulation”). The Regulation indicated five focus areas along with detailed supporting measures, i.e., innovation in the bank account system, facilitation of foreign exchange conversion in investment and financing, expansion of cross border use of RMB, acceleration of interest rate liberalisation, and deeper reform of foreign exchange administration. The purpose of this China Tax Alert is to highlight what we believe the key noteworthy points in the Regulation for the investors.
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