{"id":16162,"date":"2013-09-29T04:09:15","date_gmt":"2013-09-29T04:09:15","guid":{"rendered":""},"modified":"2013-09-29T04:09:15","modified_gmt":"2013-09-29T04:09:15","slug":"China-opens-Shanghai-Free-Trade-Zone-","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=16162","title":{"rendered":"China opens Shanghai Free Trade Zone"},"content":{"rendered":"

China opened a new free trade zone in Shanghai today in what has been hailed as potentially the boldest reform move in decades<\/strong>, and gave fresh details on plans to liberalize regulations governing finance, investment and trade in the zone.<\/p>\n

The Shanghai FTZ, which covers an area of nearly 29 sq km on the eastern outskirts of the commercial hub, was approved by China’s State Council, or cabinet, in July.<\/p>\n

State-run Xinhua news agency quoted Commerce Minister Gao Hucheng as saying that the creation of the FTZ was a crucial decision for China’s next wave of reform and opening-up.<\/p>\n

The State Council said on Friday it would open up its largely sheltered services sector to foreign competition in the zone and use it as a test bed for bold financial reforms, including a convertible yuan and liberalized interest rates.<\/p>\n

Economists consider both areas key levers for restructuring the world’s second-largest economy and putting it on a more sustainable growth path.<\/p>\n

Some Chinese and foreign firms have already moved to set up subsidiaries in the zone.<\/strong> A total of 25 companies so far have been approved to set up operations in a variety of sectors, alongside 11 financial institutions, most of which are domestic banks but including the mainland subsidiaries of Citibank and DBS.<\/p>\n

Regulations of Chinese and foreign banks will also be eased<\/strong>, said Liao Min, head of the Shanghai branch of the China Banking Regulatory Commission (CBRC), adding the CBRC will adjust loan-to-deposit ratios and other regulatory requirements for banks in the zone.<\/p>\n

Source yahoo.com<\/em>
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