China(Shanghai) Pilot Free Trade Zone
The China (Shanghai) Pilot Free Trade Zone is the 1st free trade zone in mainland China. It is a new experimental ground for China’s economy. It implements a number of reforms in the financial system, trade services, foreign investment, and taxation policies.
Build three sections of finance, centralized bonded exhibition and trading center, and cultural trade platform in Lingang area. A total of 64,000 newly established enterprises in the Pilot Free Trade Zone.
Free trade account obtains the total amount of overseas financing in domestic and foreign currencies equivalent to RMB 1.7 trillion. In 2019, the total renminbi cross-border settlement totaled 3.8 trillion yuan, accounting for 38.99% of the city's total. As of the end of 2019, a total of 1064 companies had cross-border two-way RMB fund pool business, with a total fund pool revenue and expenditure of 1.94 trillion yuan. There are many company such as Microsoft, Tesla, CituBank and so on.