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Development continues
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SHANGHAI will continue to develop the pilot free trade zone next year as part of efforts to deepen reforms and sustain the city’s economic growth, the city’s Party Secretary Han Zheng said last week.
The move is also to help the city adjust to a state of new normal of slower economic growth but better industrial structure, Han told a plenary meeting of the Shanghai Committee of the Communist Party of China.
Next year, the zone’s agenda includes further work on convertibility under the capital account, interest rate liberalization, opening the financial services sector to private firms and foreign investors, and improving financial regulations.
“It will be a big step forward,” Han said. “Such an agenda fits into Shanghai’s target of growing into a global center of finance and trade, and will serve as a stabilizer for the city’s economy.”
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