This website reports (by reporter Zhou Xuanqian) that on December 5th, the first day of implementation of the "Implementation Measures for Upgrading the Functions of Free Trade Accounts in the Shanghai Free Trade Zone (Trial)," the Shanghai Branch of the Industrial and Commercial Bank of China (ICBC) took the lead in handling cross-border RMB lending and USD cash-on-delivery transactions for an advanced manufacturing enterprise and a technology company, respectively, based on the upgraded free trade account. This marks the entry of the upgraded free trade account policy into a substantive application stage.
In processing an overseas loan for an advanced manufacturing company, the Shanghai branch of the Industrial and Commercial Bank of China (ICBC) adopted for the first time a "document-free" approach under cross-border capital account receivables and payables, achieving payment and settlement simultaneously and effectively improving the efficiency of cross-border financial services in the Shanghai Free Trade Zone. It is understood that the company plans to use the funds to purchase goods domestically, realizing the cross-border flow of RMB funds.
Meanwhile, a technology company completed USD payments on delivery using only payment instructions through an upgraded free trade account opened at the Shanghai branch of the Industrial and Commercial Bank of China, further improving trade settlement efficiency. A company representative stated that they will use the upgraded free trade account as their primary account for trade settlement.
