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Pingtan's preferential policies: financial sector

( chinadaily.com.cn )

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Financial policies:

1. Pingtan has adopted a voluntary exchange system, which is an innovative move in the management of foreign exchange (FX). Once a foreign-funded enterprise has received verification of its foreign exchange capital, it can apply for FX-RMB settlement at designated banks at any time it chooses.

2. Enterprises are allowed to carry out self-disciplinary ratio management (which sets limits on the ratio between assets and liability to avoid financial risks) of their foreign loans including RMB.

3. Eligible enterprises in Pingtan are being encouraged to issue RMB bonds in Taiwan.

4. New Taiwan Dollars (NTD) are accepted in purchasing cross-Straits ferry tickets.

5. Banks and financial institutions, including those from Taiwan, are endorsed to set up subsidiaries in Pingtan.

6. Banks and financial institutions in Fujian are allowed to engage in NTD-RMB exchange business.

7. Qualified financial institutions from Taiwan can jointly set up securities companies and fund management companies in Pingtan.

8. Banks are allowed to open RMB and NTD trade current accounts to deal with inter-bank transactions.

9. Taiwan-funded enterprises are allowed to issue RMB bonds in Pingtan.