SHANGHAI : China has issued guidelines on financial support for a"common prosperity" pilot in the eastern Zhejiang province, the central bank and other authorities said on Friday.
China said it will promote financial opening up and innovation in Zhejiang, said the People's Bank of China , according to a statement issued by the China Securities Regulatory Commission , the China Banking and Insurance Regulatory Commission , the State Administration of Foreign Exchange and the Zhejiang government.
The province will raise caps for cross-border financing for non-financial enterprises, as well as the cap for offshore lending, the authorities said. The province will be allowed to use special local government bonds to fund qualified affordable rental housing projects, they added.