China will continue to open up its development zones to attract foreign investment and promote international cooperation, according to the State Council Monday.
The government will support the country’s development zones to improve their capability to facilitate foreign trade and encourage international business, according to a guideline released by the State Council.
Development zones are pioneer areas in China’s opening up campaign. China has over 1,500 national and provincial development zones, which enjoy preferential policies to help nurture technological innovation, free trade, tourism and other key drivers of economic growth.
The guideline said that China would support qualified multinational companies based in the development zones to conduct two-way cross-border RMB cash pooling business.
It also said that companies in the development zones would be allowed to borrow RMB and other currencies from abroad by loans or bonds as long as they met certain regulations.