Despite the escalation of the trade war with the United States, the Chinese leadership will promote new reforms and open its economy. However, China will do this at its own pace. At the end of last week, the State Council of China issued a statement announcing the launch of a series of measures aimed at deepening reforms in free trade zones. Now, individuals who meet certain criteria have been granted the right to invest in foreign securities on the territories of such zones. Previously, investment channels through which certain individuals were allowed to buy foreign stocks and bonds were limited to certain programs. In addition, banks will be able to conduct transactions with derivative financial instruments in RMB on behalf of a foreign organization in the free trade zone. Foreign companies will also be allowed to carry passengers and cargo to other countries from Zhengzhou and Xian.
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