One major highlight of the new provisions, according to Lu, is that banks are allowed to provide cross-border financial services via the FT account for qualified overseas individuals conducting domestic direct investment in the high-tech industries and strategic emerging industries.

　　Banks can also provide transfers freely to non-resident accounts for overseas individuals who have opened FT accounts. Other settlement services aiming to facilitate the work and life for those living in the China (Shanghai) Pilot Free Trade Zone and holding FT accounts will also be provided, according to the provisions.

　　This progress has addressed the rising number of overseas talent entering China, said Lu. With the wider proliferation of the FT account, more convenient settlement measures may be introduced regarding overseas users' medical, travel or consumption payments when using this account, she added.

　　Apart from high accessibility, the FT account can attract more users by introducing favorable foreign exchange and tax policies, she suggested.

　　Banks and financial institutions are allowed to provide cross-border capital and asset management for multinational companies via the FT account, comprising another major highlight of the new provisions, according to Cao.

　　Integrated domestic and foreign currency services will be available from the FT account. When banks issue non-resident merger and acquisition loans to FT accounts through branches in the Lin-gang Special Area of the Shanghai FTZ, restrictions regarding loan ratios and repayment periods will be relaxed to some extent.