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SHANGHAI Twins Miguel Sano Jersey , Jan. 29 (Xinhua) -- Shanghai will add more free trade accounts, a measure aimed at easier financing for companies in the city.


A total of 70,000 free trade accounts have already been opened in Shanghai and total financing exceeded 1.1 trillion yuan, said Ying Yong, mayor of Shanghai, on Monday.


The accounts became operational starting from 2014 in the free trade zone in Shanghai, located in the Pudong New District. Companies registered in the FTZ use the accounts for financing Twins Max Kepler Jersey , investment and other cross border transactions.


The accounts enable funds to move freely between the FTZ and offshore entities, while curbing speculative risks from overflowing in the onshore financial system.


Ying said the free trade account system was an important innovation in financial reform. "Shanghai will allow more companies to open free trade accounts," he said.


"Shanghai plans to build a free trade port in an effort to facilitate trade and investment. The port will be built in the Yangshan Deep Water Port and Pudong International Airport," Ying said.


A free trade port is set up within national or regional borders but outside its customs supervision. It is a highly opened-up area that allows the free flow of most commodities, currencies and personnel.




BEIJING, Jan. 26 (Xinhua) -- As leaders from all walks of life gather in Davos to discuss how to create "a shared future" in a fractured world, they are moving a step closer to finding a common remedy for the world's ills.


Lighting the way is Chinese President Xi Jinping's vision of "a community with a shared future Twins Matt Belisle Jersey ," which, one year ago, he took to the World Economic Forum (WEF) meeting at Davos, the bellwether of the global economy, and the UN Office at Geneva (UNOG), the cradle of modern multilateralism.


Fast forward one year and the idea has appeared in a number of UN resolutions and is the talk of the town in Davos.


"SWISS ARMY KNIFE"


In his UNOG speech last January, Xi called on the international community to jointly make a multi-functional "Swiss army knife" to solve the various problems troubling the current world.


Analyzing the root causes of the sluggish global economy Twins Kirby Puckett Jersey , Xi pointed to a lack of robust driving forces for global growth, inadequate global economic governance, and uneven global development.


Arousing the economy from its slumbers would require a dynamic, innovation-driven growth model; well coordinated and interconnected win-win cooperation; fair, equitable governance in keeping with the times; and balanced, equitable, inclusive development.


Xi's message on globalization and cooperation struck a chord last year that was echoed at this year's Davos forum by Liu He Twins Kent Hrbek Jersey , a member of the Political Bureau of the Communist Party of China Central Committee and director of the General Office of the Central Leading Group for Financial and Economic Affairs.


As China opens up wider to the outside world, this transition to a new model of development will create huge opportunities for many new industries, said Liu. "It means opportunities for businesses not just in China but across the world."


Michael Moller, director general of the UN Office at Geneva, said Xi's vision was a new movement and new positioning of China that was extremely welcome at a time when the world was fragmented and beset by problems of every kind.


The vision of a community with a shared future has led to a major geo-political shift in the world, with the rest of the global community now following the concept, Moller said.


ACTION FOR A SHARED FUTURE


Key to this shared future is translating the vision into action.


China's economy is the bedrock of global stability and economic expansion Twins Kennys Vargas Jersey , with GDP over 82.7 trillion yuan (about 13 trillion U.S. dollars) last year, an increase of 6.9 percent.


Through such multilateral cooperation platforms as the G20, BRICS and APEC, China demonstrates a strong preference for an open world economy, making best use of technology and innovation, advancing regional cooperation and FTAs, to bring lasting improvements to people's quality of life.


The Belt and Road Initiative Twins Justin Morneau Jersey , an infrastructure and trade network connecting Asia with Europe and Africa along ancient trade routes, began life in China, but has delivered benefits far beyond its borders.


Trade between China and countries along the Belt and Road amounted to 7.4 trillion yuan in 2017, an increase of 17.8 percent, outpacing the 14.2-percent increase in China's foreign trade last year.


The strides China has made in poverty reduction have contributed to inclusive global growth, and progress in reform and opening-up has lent much momentum to an open world economy.


As president of the 71st session of the UN General Assembly Peter Thomson said, Xi's vision of the future is "the only future for humanity on this planet."

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