Shanghai looks to lure more company headquarters

In order to attract more multinational companies to set up headquarters in Shanghai, or lift their Shanghai branch's global status within the corporation, the municipal government has just released a new document to loosen its regulation over how multinational companies can deploy their capital.

The document stated that multinational companies' headquarters or organizations that perform headquarter functions in Shanghai can make cross-border payments through any currency in its cross-border funds pool.

The new regulations also support headquarters in configuring cross-border financing resources.

The headquarters can go to Shanghai Bureau of State Administration of Foreign Exchange to launch their cross-border funds pool.

It's also proposed canceling the restrictions currently imposed on how many domestic fund master accounts can headquarters have, so as to make it more convenient for headquarters to conduct current-account cross-border payments in the cross-border funds pool.