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Shanghai’s FTZ offers hopes for reforms
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Shanghai should build up its expertise in asset management and insurance because these are two sectors that are the most relevant to the city, the Lord Mayor of the City of London, Roger Gifford, said yesterday.
‘‘Shanghai has a huge retail market and foreign bonds and equities are very interesting areas. Our research team suggests potential for both life and casualty insurance business is great in Shanghai,’’ Gifford said.
He is optimistic that the central government’s plan to launch a pilot free trade zone in Shanghai will accelerate financial reforms and power the city’s competitiveness.
He said although detailed rules for opening the capital account in Shanghai’s planned free trade zone, which is expected to open on September 29, have yet to be revealed, the move will facilitate more foreign investment.
On Sunday Jim Yong Kim, president of the World Bank, said Shanghai’s free trade zone is a “positive and critical” development as China commits to reforms.
Gifford said the City of London will back the liberalization of the capital market.
“We firmly support China’s move to encourage yuan trading and opening of the capital account step by step,” Gifford said.
By 2015 London will be a full-fledged offshore yuan center as China gradually opens up the capital market, according to Gifford.
He added western countries can learn from China in mobile banking.
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