Saturday, July 12, 2014





China's 1st pilot free trade zone opens


September 29. 2013 3:35AM
Associated Press



Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Operations formally kicked off Sunday at a new free trade zone in Shanghai that China's government has billed as a major step for financial reforms and economic experimentation, but significant changes look to be years away.


State media reported that a first batch of 25 Chinese and foreign companies were granted licenses to register in the zone.


The China (Shanghai) Pilot Free Trade Zone is a nearly 29-square-kilometer (11-square-mile) district that covers four existing special trade zones in Pudong district, including one at the airport.


China's State Council formally announced rules for the new free trade zone on Friday. They include measures to cut red tape and restrictions for foreign investment in the country's tightly controlled service industry.


There are also plans to experiment with convertibility of China's tightly controlled currency, the yuan, and let market forces rather than regulators set interest rates.


The zone is aimed at serving as a laboratory for such financial experiments before they are rolled out elsewhere in China.


The Shanghai zone has been touted as the most important attempt at economic reform since the creation of the country's first special economic zone in 1980 in Shenzhen, next door to Hong Kong.


That zone was aimed at harnessing cheap labor to build a manufacturing industry.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds