Signs for the Financial Street Forum 2024 annual conference are displayed at the Financial Street Forum in Beijing, October 18, 2024. Photo: Courtesy of Financial Street Forum

China’s first public service platform for offshore financial legal practices was launched at the three-day annual Financial Street Forum 2024 conference. The new platform is expected to provide more convenience and support for Chinese companies to expand their operations to abroad and access cross-border financial services. services, experts said.

The platform will soon be officially launched and will be open to the public for free, according to media reports.

The platform was jointly unveiled by the National Financial Regulatory Administration, the China Securities Regulatory Commission, the Beijing Financial Court and the Bank of China.

Speaking at the forum, Song Yi, vice president of the Beijing Financial Court, said the service platform was the result of a joint effort by the four launch organizations for more than two years.

“The platform involves extensive research with dozens of financial institutions and companies… it is the creation of the country’s first comprehensive and accurate resource database on offshore financial legal regulations,” Song said .

The platform’s content is tailored to the needs of Chinese companies expanding overseas, covering key regions for international investments including the US, UK, EU, Japan, Singapore and China. Sweden, as well as some important international organizations. It has compiled more than 800 laws and regulations related to banking, securities, insurance and trust in the financial sector.

Strong legal protections are necessary to create a world-class business environment and promote high-level openness, Song said, noting that accurately identifying and enforcing offshore laws is crucial for business entities to better engage in overseas investments and cross-border operations. particularly when it comes to resolving international disputes.

The platform will support multi-level searches, content uploads and information traceability verification. Additionally, the service platform, as a non-profit platform, will be freely accessible to market entities, regulatory bodies and others, according to media reports.

There are significant differences in financial regulations, regulatory requirements and judicial practices between different countries and regions, which pose great challenges for Chinese companies in overseas operations and risk management, Xu said. Zewei, chairman of the Beijing Internet Financial Industry Association.

The launch of the platform will bring substantial convenience and support to Chinese companies’ international business expansion and cross-border financial services, Xu said.

Xu said the non-profit nature of the platform and its free access service model reflect the inclusive spirit of the rule of law.

“This not only reduces the cost for businesses to access legal information, but also promotes equitable access to such information… These measures are important for creating a world-class business environment and advancing high-level openness,” he said. Xu noted.