The China (Shanghai) Pilot Free Trade Zone (SHFTZ) launched a "model company" selection campaign in March 2017, aiming to highlight its innovation and reform achievements over the past years. The six-month long event invited more than 80,000 SHFTZ-registered companies to sign up via self-recommendation or via recommendation from others.

After publication, application, on-site inspection, experts' voting and online voting, the campaign selected the top 10 model companies and six sample enterprises, covering foreign-funded, State-owned and private companies, which served as examples of successfully utilizing SHFTZ's innovative measures to enhance growth and development.

In addition, the SHFTZ has compiled a case book of first model companies for its policy innovation, with the hope of encouraging more companies to turn the Zone's innovative measures and preferential policies into their own advantages and growth points.

About Shanghai Insurance Exchange

The Shanghai Insurance Exchange (SHIE), approved by the State Council in 2015, was officially launched in China (Shanghai) Pilot Free Trade Zone (SHFTZ) on June 12, 2016. Focussing on insurance risk trade, the SHIE is positioned to offer diversified financial services and build an innovative, open and multi-level market system for insurance trade.

Supported by SHFTZ's innovative policies, SHIE has built four trade platforms concerning international reinsurance, shipping insurance, mega insurance deal bidding and special risk insurance. The SHFTZ also allocated special development funds to relieve SHIE's pressure on platform construction and encourage SHIE to boost transparency and efficiency in the insurance market.

Furthermore, SHFTZ launched a reform that enables financial institutions such as banks, securities and insurance institutions, and companies and individuals that have opened free trade accounts (FTAs) with access to Free Trade Accounting Unit (FTU). The reform aimed to benefit cross-border financial businesses and boost construction of regional reinsurance center in Shanghai.

The FTAs help overseas institutions building a bridge between free trade zones and offshore market, attract more overseas reinsurance institutions to open FTAs, and lay a foundation for RMB-denominated settlement in reinsurance businesses. Meanwhile, the FTAs have improved efficiency of reinsurance trading, reduced the exchange rate risk and innovated the cross-border settlement mode for reinsurance transactions. 

As a registered company in the SHFTZ, the SHIE has stepped up its efforts in promoting the growth of the Zone by opening a free trade account, attempting to facilitate cross-border money flow between buyers and providers, propel development of international economy and trade, spread risk, accelerate the internationalization of the RMB and further enhance the RMB's status in the global market.