China Tax Alert - Issue 14, June 2014
The Shanghai Head Office of the People’s Bank of China (SHPBOC) recently issued the Circular on Trial Implementation of Rules for Account-based Settlement in China (Shanghai) Pilot Free Trade Zone (SH Pilot FTZ) and Rules for its Prudent Risk Management. According to the Circular, financial institutions in Shanghai may establish an internal risk control system and an account-based settlement mechanism. By building a special free trade accounts system, financial institutions can provide innovative financial services for the investment and financing activities of entities in the SH Pilot FTZ and foreign institutions via their free trade accounts.
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