City working on specific plans for free trade zone

By Hu Xiaocen | August 2, 2013, Friday |

Online Edition

Shanghai’s city government has been actively preparing for the detailed plans for the free trade zone to be established in the Pudong New Area, an experimental area championed by Premier Li Keqiang to test financial liberalization such as yuan convertibility.

“The establishment of the free trade zone is very important for Shanghai’s future development. And the local government is actively working on it in accordance with Beijing’s requirements,” Shi Haining, director-general of Pudong Financial Services Bureau, said today.

“I think the trail program of the free trade zone in Shanghai will largely promote the construction of the city as a global financial hub. The specific plans for the pilot zone are still pending the approval by the State Council,” he added.

Apart from the liberalization of trade in goods, services trade, especially financial services, will play a major part in the pilot program, Shi said.

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City working on specific plans for free trade zone

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