Shanghai easing cross-border finance

The new action plan to further improve the facilitation of cross-border financial services provided in Shanghai will help facilitate Chinese companies' overseas outreach, which is in turn conducive to the maturity of the cross-border financial sector, said experts.

Made up of 18 detailed policies, the action plan aims to improve services concerning cross-border settlements, exchange rate hedging, financing, insurance and comprehensive financial services. Therefore, market entities can participate in international cooperation and competition more efficiently, said the action plan.

In particular, financial institutions' overseas branches will be better supported to provide financing for automakers' overseas sales distribution channels. Shanghai-based banks should provide better supply chain financial services to address the overseas forays made by companies based in the Yangtze River Delta region. Financial leasing companies, as well as their subsidiaries, will be better supported in providing outbound services so that Chinese companies can more seamlessly tap into overseas markets, according to the new action plan.