2 Minute Read by Reuters Staff (Reuters) – SHANGHAI, July 15 – According to recommendations released on Thursday by China’s State Council, or cabinet, the country would promote the development of offshore yuan trading in Shanghai and will investigate yuan futures trading as part of efforts to further reform and open up the city’s Pudong New Area. According to instructions released by China’s state-owned Xinhua News Agency, qualified international institutional investors will be allowed to participate in public share sales at Shanghai’s tech-focused STAR Market, and market makers will be introduced to that market. China will also help the Shanghai Futures Exchange investigate the possibility of establishing a national commodities warehouse receipt registration center and expanding the bonded warehouse receipt business. According to the plans, China will also construct a large-scale national precious metal reserve storage in Shanghai and assist the Shanghai Petroleum and Gas Exchange in launching new products so that it may become a global center for oil and gas trading and pricing. China will also assist Pudong in establishing itself as a high-tech centre, with a concentration on semiconductors, biological sciences, and artificial intelligence (AI). According to the guidelines, the government would look into corporate tax breaks for high-tech businesses. These steps were not given a time range in the guidelines. (Samuel Shen and Emily Chow contributed reporting.) Alistair Bell edited the piece.)/n
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