01 June 2023
On 1 June 2023, the State Council of the People's Republic of China issued the “Various Measures for Connecting Eligible Pilot Free Trade Zones and Free Trade Ports with International High-standard System-based Opening-up” (“the Measures”). The Measures proposed that except for certain new financial services, if Chinese-funded financial institutions are allowed to develop new financial services, foreign-funded financial institutions in the pilot areas will be allowed to develop the similar services. The Measures also clarified that all authentic and qualified transfers related to foreign investors' investment should be allowed to be freely remitted in and out without delay in the pilot areas. Such transfers include capital contributions, transfer of profits, dividends, interest, capital gains, royalties, management fees, technological fees and other fees, proceeds from the total or partial sale of investments and proceeds from total or partial liquidation of an investment.