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Lin-gang completes first offshore resale transaction

en.lgxc.gov.cn| Updated: May 25, 2022 L M S

A unit of DongHwa Entec Co Ltd recently became the first beneficiary of a new offshore trading and international finance platform being operated in the Lin-gang Special Area, East China's Shanghai city, after it was connected with the Industrial and Commercial Bank of China.  

The high-quality frequency converters and frequency conversion control boxes the company bought from South Korea were directly resold to a Singapore client.

The offshore platform is regarded as being key infrastructure, required for measures to boost the high-quality development of offshore trading in Lin-gang, that were issued last December.

Now the platform is connected with a bank, traders can initiate offshore trade business demands on the platform. As a result, the trade information and payment instructions are directly transferred to the bank's e-banking system, assisting it to improve the efficiency of its document reviews.

Relying on a platform directly connected with financial institutions, qualified enterprises can now carry out offshore trade business on a global scale, while comfortably remaining in Lin-gang.

Currently, the offshore trading and international finance platform has reached preliminary agreements to hook up to a number of banks and is expected to make a complete direct system connection in the near future.

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