Praise for free trade zone's innovations
July 31, 2020
Twenty innovations involving finance in the city’s free trade zone have been picked by the authorities as examples worth copying throughout the country, according to a press release on Thursday.
Among them, AIA insurance established the first wholly foreign-owned life insurance company on Chinese mainland. The China Foreign Exchange Trade System launched the main brokerage business in the inter-bank foreign exchange market to provide more diversified foreign exchange risk hedging channels for foreign investors and further enhance the attractiveness of yuan-denominated financial assets.
Shanghai Commercial Paper Exchange Corp launched a supply chain finance platform and successfully implemented the first batch of supply chain invoice discounting business, which improved the flexibility of the use of commercial paper and reduced the cost of demand uncertainty.