央行上海总部就自由贸易账户功能升级实施办法公开征求意见

Core Viewpoint - The People's Bank of China Shanghai Headquarters has drafted the "Implementation Measures for the Upgrade of Free Trade Accounts in the Shanghai Free Trade Zone" to support the construction of Shanghai as an international financial and trade center, aiming for a higher level of institutional opening in the free trade zone and promoting high-quality economic development in Shanghai [1][4]. Summary by Sections Implementation Measures - The measures aim to upgrade the functions of free trade accounts for qualified enterprises registered in the Shanghai Free Trade Zone, aligning with the requirements of the new development paradigm [4]. - Qualified enterprises must meet specific criteria, including being established for over one year, having audited net assets of at least 200 million RMB, and an annual revenue of at least 1 billion RMB [4]. Account Management - Banks can open upgraded free trade accounts for eligible enterprises, and each enterprise can only have one upgraded account at a single bank [5]. - Enterprises with upgraded accounts are generally not allowed to retain their original free trade accounts [6]. Fund Management - The inflow and outflow of funds in upgraded accounts must align with the business scope of the enterprises and cannot engage in prohibited activities [7]. - Upgraded accounts can directly handle fund transactions with overseas accounts without the need for prior registration with foreign exchange management authorities [7]. Regulatory Framework - The People's Bank of China Shanghai Headquarters will monitor the fund flows and ensure compliance with regulations, including anti-money laundering and anti-terrorism financing measures [10][12]. - A collaborative mechanism will be established between the People's Bank and relevant government departments to evaluate the business activities of pilot enterprises and manage risks [10]. Implementation Timeline - The public can provide feedback on the draft until July 18, 2025, and the regulations will take effect on a date to be determined in 2025 [2][13].