Tianjin Free Trade Zone Implements RCEP Agreement and Supports Financial Opening

On November 10, 2022, Tianjin Free Trade Zone Administration issued High-quality Implementation of the Regional Comprehensive Economic Partnership (RCEP) Action Plan (“Plan”).

The Plan emphasizes it is necessary to enhance the international service capabilities of the local financial industry, which encourages the credit-enhancing function of credit insurance in financing and optimizes financing services for foreign trade enterprises, and supports the improvement of the facilitation level of foreign exchange receipts and payments for new forms and models of cross-border trade such as authentic and compliant offshore resale transactions. The Plan also: (1) supports the further opening of the financial industry; (2) encourages investors from RCEP member countries to establish banks, securities companies, insurance companies and other financial institutions in accordance with the law; (3) supports financial institutions in RCEP member countries to provide financial services to domestic entities in the form of cross-border delivery; and (4) supports foreign-funded financial institutions with the background of RCEP member countries to develop business in accordance with the law and compete fairly with Chinese-funded financial institutions.