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Shanghai has nation's only FTZ approval, government confirms
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CHINA has approved only one pilot free trade zone program, and that is in Shanghai, Commerce Ministry Spokesman Shen Danyang said today in response to a question over some other cities' applications to run similar trials.
"Many places are active in trying to earn the chance to set up free trade zone like the one in Shanghai. But only Shanghai's program has obtained a green light so far," Shen said.
Shanghai's free trade zone will officially open next month to allow financial product reforms involving free yuan convertibility under capital accounts, liberal interest rates and foreign exchange.
The pilot project, which was officially approved last month, is part of a national strategy. The details of the trial will be announced soon by the central government.
Some other cities, including Tianjin in northern China and Shenzhen in the south, were reported to be urging the establishment of similar zones.
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