Pudong tries to promote the use of FT account

chinadaily.com.cn Updated:2018-01-31

A forum on the topic of the Free Trade account was held in Pudong on Jan 29.

Participants of the event were the institutes that have been carrying out the business of the Free Trade account; such as banks, financing and leasing companies, finance companies and entity enterprises.

Chen Xi, deputy head of Pudong New Area said that the FT account has met the need for the cross-border financing of enterprises. The forum has proven to be good platform to further understand existing needs and provides suggestions on how to expand the functions of the account for the future.

The FT account is considered one of the best innovations that have been implemented in Shanghai's Free Trade Zone. The managing of the accounts has been monitored closely.

At the forum, participants agreed that the account has greatly increased the efficiency of business, especially for the trade companies that engage in a great deal of cross-border business. What is more, the FT account is now available for companies located in other free trade zones in China and even in other countries that are a part of the One Belt, One Road Initiative. Despite these benefits however, problems still remain.

One of the attendees of the forum highlighted how the actual business of the account is mainly done outside of the E-bank; however operations still have to be physically completed at the counter, which requires a lot time and effort.

After such drawbacks are resolved, it is expected that the account will benefit many more companies and individuals in the future.