Nearly ten years after China started to relax some of its capital controls, the country is now making more aggressive steps toward that end.
The country's top economic planner on Friday unveiled a raft of measures targeted at south China's city of Shenzhen, including trials for cross-border loan issuances to boost the free conversion of China's currency, the yuan.
The measures also cover issues related to taxation, education, medical treatment, telecommunications, legal matters and the introduction of new talent, according to the National Development and Reform Commission (NDRC).
China vowed in 2003 to gradually ease its grip on cross-border capital flow and ultimately open its capital account as part of the country's efforts to turn the yuan into a global reserve currency.
A cooperative zone in Qianhai Bay, approved in 2010 by the State Council, or China's cabinet, is part of the government's plan. The zone was approved to promote cooperation between Hong Kong and Shenzhen, the country's two most important financial centers. The zone will provide new investment channels for Hong Kong's yuan deposits, boosting the region's status as an offshore yuan center.
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