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City's FTZ may get liberalized interest rates, capital accounts
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CHINA may announce rules next month to liberalize interest rates and capital accounts in Shanghai's pilot free trade zone as part of the country's efforts to drive overall economic and financial reforms, an economist said today.
The central bank has set up a firewall that can distinguish accounts set up in the free trade zone from those outside it, and the monetary authorities will monitor transactions made by the accounts in real time, Li Xunlei, chief economist of Haitong Securities, told a forum in Shanghai today.
Hopes are high that the third plenum of the 18th Congress of the Communist Party to be held in November will accelerate reforms needed to rebalance China's economy.
The Development Research Center affiliated with the State Council has set out eight key areas for reform, including finance, taxation, land, state assets, social welfare, innovation, foreign investment and governance, the official China News Service reported over the weekend.
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