CDB to issue dollar-denominated offshore bonds to support Shanghai FTZ development
The China Development Bank (CDB), one of the country's policy banks, said on Tuesday that it will issue dollar-denominated bonds in the offshore market in the near term to support the building and business development of the Shanghai Free Trade Zone (FTZ).
The funds raised by the bonds will mainly be used to serve the FTZ to further align with high-level international standards of economic and trade rules, and accelerate its integration into the globalization process and international financial market.
According to the bank, it has raised funds equivalent to more than 1.2 billion U.S. dollars to serve the business development of the FTZ since 2018.
About Shanghai Free-Trade Zone
China (Shanghai) Pilot Free-Trade Zone is a free-trade zone in Shanghai, China. On 22 August 2013, the State Council approved the establishment of the zone. Officially launched on 29 September 2013, it is the first free-trade zone in mainland China and covers an area of 240.2 square kilometres (92.7 sq mi). Shanghai FTZ integrates four existing bonded zones in the district of Pudong—Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
Since 21 April 2015, the zone's areas have been expanded to include Lujiazui Financial and Trade Zone, Shanghai Jinqiao Economic and Technological Development Zone (formerly Jinqiao Export Processing Zone) and Zhangjiang Hi-Tech Park. On 6 August 2019, Shanghai FTZ's areas were expanded again to include Nanhui New City (Lingang New City), Lingang Equipment Industry Area, Xiao Yangshan island (Yangshan Port) and the south side of Pudong Airport.
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