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Shanghai pilot zone the only one given green light in China
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Shanghai’s pilot free trade zone program is the only one in the country to have been given the go-ahead so far, Ministry of Commerce spokesman Shen Danyang said yesterday.
Other large cities, including Tianjin in northern China and Shenzhen in the south, are reported to have asked for similar trial zones.
Shen said: “Many places are active to earn the chance of setting up a free trade zone like the one in Shanghai. But only Shanghai’s program has obtained green light so far.”
Shanghai’s free trade zone officially opens on September 29 to allow financial product reforms including free yuan convertibility, liberal interest rates and foreign exchange.
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