Two Shanghai-based insurers have gained approval to set up a branch and division in Shanghai's soon-to-be-launched free trade zone, according to Shanghai’s insurance regulator.
China's financial reform is gaining traction amid calls to better facilitate the real economy and guard against risks.
Opening the capital account will improve financial transparency and efficiency as well as spur China's drive of building Shanghai into a world financial hub.
Shares of the major companies in the proposed Shanghai Free Trade Zone extended their bull market on Monday following the release of a financing plan.
The free trade zone "craze" on the Shanghai Stock Exchange reached a fever pitch on Friday, giving the market a slight boost despite the lackluster performance of other sectors.
Chinese shares closed higher on Tuesday as prospects for Shanghai Free Trade Zone continues to boost market sentiment.
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