Detailed reform measures to be rolled out at Free Trade Zone
Print Edition
Detailed measures will be soon rolled out to implement the central bank’s guidelines to push financial reforms in the Shanghai pilot free trade zone, the annual session of the Shanghai People’s Congress heard yesterday.
Dai Haibo, deputy director of the administrative committee of the zone, said measures were set to be put in place in March, three months after the People’s Bank of China issued a 30-point guideline to support the FTZ, Xinhua news agency reported.
The guideline aims to liberalize interest rates, facilitate cross-border use of the yuan and allow individuals in the zone to sidestep China’s restrictions on investing in securities abroad.
Dai said that 19 of 23 measures to stimulate foreign investment in services have been enforced, with four awaiting details.
Authorities will also shift their attention from granting access to companies and investments toward effective oversight of activities in the zone, according to the official.
Meanwhile a lawmaker said that a “negative list” of activities that can’t take place in the zone is too long and complicated.
The list detailing 190 items should be revised and simplified, the congress heard.
“Many things in the zone should be carried out in line with international practices and the negative list is too long and complicated,” said lawmaker Chen Jian’an, an economics professor at Fudan University.
Chen said the negative list, a common practice around the globe, was simpler elsewhere.
Dai said the list of banned activities in the FTZ will be updated.
A 2014 version may debut in March.
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