The China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration signed a memorandum of understanding with the Bank of China (Shanghai) on June 20 – with the aim of further developing institutions and systems for trade and investment liberalization and facilitation.

Lin-gang Special Area and BOC (Shanghai) sign an agreement on June 20. [Photo/WeChat account: shlgguanweihui]

The Lin-gang Special Area Cross-border Finance Joint Studio was unveiled on the same day in the special area.

Zhu Zhisong (L), executive deputy director of the Lin-gang Special Area Administration and Liu Jin (R), head of the Bank of China, inaugurate the Lin-gang Special Area Cross-border Finance Joint Studio. [Photo/WeChat account: shlgguanweihui]

The studio will conduct policy research and practical innovation in cross-border financial fields, such as cross-border investment and finance, offshore business and cross-border capital pools for State-owned enterprises.

It will reportedly help enterprises solve bottlenecks encountered in cross-border commerce and provide solutions including intensive cross-border capital management, credit and exchange rate risk management.

Shanghai Lingang Economic Development (Group) Co Ltd - one of the business development entities in the Lin-gang Special Area - also signed a strategic cooperation agreement on cross-border financial innovation business with the BOC (Shanghai) at the ceremony.