China (Zhejiang) Pilot Free Trade Zone is located in the island city of Zhoushan. [Photo/IC]

Approved by the State Administration of Foreign Exchange (SAFE), new measures for foreign exchange management were recently released in the China (Zhejiang) Pilot Free Trade Zone (FTZ).

The new measures, aimed at simplifying registration procedures, facilitating investment and financing services and helping companies take precautions against exchange rate risks, demonstrated the increased support for the zone's further development.

The official document stated that companies inside the Zhejiang FTZ that need to register domestic investments and cancel external debts can handle banking business at any qualified bank in the area under the administration of the Zhejiang branch of SAFE.

The FTZ will also pilot a business to facilitate the use of project capital and loosen the restrictions on non-investment foreign companies in the zone with the aim of improving the business climate.