China Plans Financial Opening, Tax Breaks in Shanghai’s Pudong

The Chinese government supports Shanghai’s Pudong New District to develop yuan offshore trading on the condition that related risks are controllable, Xinhua reports, citing guidelines issued by the State Council.

• China aims to build Pudong into a “pilot zone for socialist modernization” with a comprehensive modern economic system by 2035, according to the guidelines

Other supporting measures include:

• Study testing yuan forex futures trading on China Foreign Exchange Trade System
• Test allowing qualified foreign institutions to trade Star board stocks with yuan
• Conduct digital currency trial and build data trading exchange in Pudong
• Study preferential tax policies for companies ...