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Central bank governor visits Shanghai FTZ
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Zhou Xiaochuan, governor of the People’s Bank of China, said yesterday that the central bank will spare no effort in cooperation with Shanghai to support the pilot free trade zone. He toured the zone with Shanghai Mayor Yang Xiong and talked to representatives of companies there.
Executive Vice Mayor Tu Guangshao first briefed Zhou on financial reforms in the zone. The FTZ management committee then gave an update on recent developments in the zone.
Representatives from Shanghai Pudong Development Bank, Delphi Automotive Systems Corp (China) Investment Co, GE (China) Co and other companies talked about their participation in the financial reforms and offered suggestions.
Zhou said the focus of financial reforms in Shanghai FTZ is to serve the real economy and to facilitate investment and trade. The central bank will support these reforms.
He said the market should play a decisive role in allocating resources and the government should change its role by abolishing unnecessary administrative procedures.
Zhou encouraged competition and innovation in the free trade zone and said the successful experiences accumulated in the zone should be introduced nationwide.
Yang thanked the central bank for supporting the development of Shanghai FTZ and backing Shanghai’s effort to become an international financial center.
The mayor said the municipal government will work closely with the People’s Bank of China and other financial authorities to promote financial reforms and innovation in the free trade zone.
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