Zhong Guo Xin Wen Wang·2025-12-05 09:20Core Viewpoint - The implementation of the upgraded Free Trade Account (FTA) in the Shanghai Free Trade Zone aims to facilitate cross-border capital flow and support the development of an international financial and trade center in Shanghai [1] Group 1: Implementation Details - The upgraded FTA implementation measures were officially launched on December 5, with HSBC China and Citibank China being the first foreign banks to participate in the pilot program [1] - HSBC China successfully opened an upgraded FTA for a multinational enterprise in the Shanghai Free Trade Zone, while Citibank China opened upgraded FTAs for four corporate clients on the same day [1] Group 2: Objectives and Benefits - The pilot program aims to explore the realization of free cross-border capital payments, meeting the new development needs of real enterprises and deepening the management of cross-border capital flow in the Shanghai Free Trade Zone [1] - The upgraded FTA is expected to significantly enhance the convenience of capital project fund allocation for enterprises, promoting efficient settlement, financing, and circulation of domestic and foreign funds around the real economy [1] Group 3: Industry Perspectives - HSBC China's Global Payments Solutions Managing Director highlighted that the pilot policy represents a new high-level financial opening in China, which will bring a "multiplier effect" to the liberalization and facilitation of cross-border trade and investment [1] - Citibank China's President emphasized that the Shanghai Free Trade Zone has always been at the forefront of China's financial reform, and the upgraded FTA will further enhance the efficiency and convenience of cross-border financial services in the zone [1]