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China urges free convertibility of yuan under capital account in economic zones

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2014-11-24 GMT+8:00

BEIJING, Nov. 21 (Xinhua) - China encourages qualified state-level economic and technological zones to pilot free convertibility of Renminbi or yuan under capital account, cross-border use of yuan and foreign exchange management reform, according to an official document released on Friday.

These are a part of the country's efforts to transform and upgrade state-level economic and technological zones.

According to the file just posted by the State Council, the Chinese cabinet, 16 detailed measures stressing system innovation, open economy, industry transformation and upgrading, green and intensive development and optimization of business environment were came up with.

For eastern state-level economic zones, further opening and higher-level participation in international economic cooperation and competition are urged. For economic zones located in central and western China, their capacity to undertake industries transferred from other areas of the country shall be strengthened, the document stresses. (Edited by Duan Jing, duanjing@xinhua.org)

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