Liberalised forex control in the Shanghai free-trade zone

Up until launch of the China (Shanghai) pilot free-trade zone (SHFTZ), measures pushing forward reform of the foreign exchange (forex) control regime had been long awaited by the business community.

Compared with other topics that relate more to specific industries (for example investment access), the topic of forex control liberalisation is of a more generic nature that might have an impact on all companies operating in China. Although such reform and the general direction for which it shall be heading have already been addressed under the General Plan for the SHFTZ announced by the State Council on 27 September 2013 and the Opinions on Financial Support to Construction of the SHFTZ promulgated by the People’s Bank of China on 2 December 2013, detailed rules for implementation came very slowly.

On 27 February 2014, the Shanghai branch of the State Administration of Foreign Exchange (SAFE) promulgated the Implementing Rules on Foreign Exchange Control to Support the Construction of the SHFTZ (Circular 26). Circular 26 in general facilitates business transactions and creates new possibilities for international business to streamline their financial operations and financing arrangements concerning China. Below are the major highlights of such new development…

Click on the link below to read the rest of the Taylor Wessing briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer

Overview

5 New Street Square
London
EC4A 3TW
UK
http://www.taylorwessing.com

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 4
No. of qualified lawyers: 67 (International 50)

Jobs