Policies to boost FTZ capital market

SHANGHAI -- The China Securities Regulatory Commission (CSRC), the country's top securities regulator, has issued a package of policies to support the capital market in the Shanghai pilot free trade zone (FTZ), officials said on Sunday.

Qualified individuals and units, including financial institutes and companies, in the FTZ will be allowed to invest in both domestic and foreign fund markets, said Dai Haibo, deputy director of the zone's administrative committee, citing a CSRC statement.

The CSRC has also approved a plan to build an international crude oil futures trading platform, while foreign companies in the zone will be allowed to issue Renminbi bonds.

Other measures include allowing securities and futures companies in the zone to set up subsidiaries and do over-the-counter trading in staple commodities and financial derivatives for domestic customers, Dai said.

China on Sunday opened a pilot free trade zone in Shanghai, which will be a test bed for a wide range of market-oriented reforms, including easing restrictions on finance, investment and trade, a move widely hailed as a crucial step in the country's reform and opening up.

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