Free trade zone offers 'breakthroughs'
By Wang Yanlin |
June 30, 2013, Sunday
|
Print Edition
Print Edition
Financial innovation and liberalization is set to feature heavily in the pilot program of the free trade zone in the Pudong New Area, said a city official during the Lujiazui Forum.
Jin Xingming, deputy secretary-general of the Shanghai government, predicted "breakthroughs" for China's financial sector at the proposed zone.
"At the center of the 'experiment' is the Chinese currency," Jin said. "How to make the yuan more international; how to accelerate reforms on freer interest rate and exchange rate; and how to initiate the program on convertible capital account."
Jin declined to elaborate, as the scheme is still awaiting approval from the central government.
Zhou Xiaochuan, head of the central bank, said the planned zone is a crucial component in the process of Shanghai becoming a global financial center.
Shanghai Mayor Yang Xiong revealed during the forum that Shanghai has applied for the pilot program to allow convertible capital accounts in the zone.
Jin Xingming, deputy secretary-general of the Shanghai government, predicted "breakthroughs" for China's financial sector at the proposed zone.
"At the center of the 'experiment' is the Chinese currency," Jin said. "How to make the yuan more international; how to accelerate reforms on freer interest rate and exchange rate; and how to initiate the program on convertible capital account."
Jin declined to elaborate, as the scheme is still awaiting approval from the central government.
Zhou Xiaochuan, head of the central bank, said the planned zone is a crucial component in the process of Shanghai becoming a global financial center.
Shanghai Mayor Yang Xiong revealed during the forum that Shanghai has applied for the pilot program to allow convertible capital accounts in the zone.
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