SHANGHAI, April 27 (Xinhua) -- Shanghai Lingang Group recently completed the first case of the cross-border capital pooling scheme in the Lin-gang Special Area of the Shanghai Pilot Free Trade Zone.
In February, the Chinese authorities approved the launch of a pilot project of cross-border capital pooling in the Lin-gang special area to allow eligible transnational business groups to adjust surplus and shortage of funds in multi currencies among their domestic and overseas members.
Industry insiders say that the establishment of cross-border capital pool provides a smooth and fast channel for foreign capital to participate in the construction of the Lin-gang special area.
The scheme enables relevant market entities to make better use of the markets and resources at home and abroad, reduce the financing cost of enterprises and improve the efficiency of capital operation.
Set up by one of the main developer of the new Lin-gang area of Shanghai FTZ, Lingang Group, the cross-border capital pool now has 20 member companies, and the amount of foreign exchange to be pooled is up to us 9.1 billion U.S. dollars.
Statistics show that in the first quarter of this year, despite the impact of the COVID-19 epidemic, fixed-asset investment in the Lin-gang area reached 7 billion yuan, up 20.5 percent year on year. (Edited by Yang Qi with Xinhua Silk Road, firstname.lastname@example.org)