China to test economic freedom in Shanghai

China to test economic freedom in Shanghai

China launched its first experimental economic free trade zone in Shanghai, seeking to transform the city into an international financial hub and drive yuan convertibility. It is intended to boost growth which is now heading for a 23-year low.

The Shanghai Pilot Free Trade Zone (FTZ) is an 11 square-mile district that overlaps four existing special trade zones in the Pudong district. It is hoped foreign firms will set up their Asian headquarters in the city and promote trade and encourage foreign investment across 18 service industry sectors.


Citigroup, Singapore-based DBS and Bank of China are among some of the financial instructions which will operate in the zone, and serve as liaison for international investors to gain more access to domestic financial markets. Local state media reported 25 Chinese and foreign companies have been awarded registration licenses.
Read More: http://rt.com/business/china-shanghai-free-zone-527/