Special to WorldTribune.com
By Willy Lam, East-Asia-Intel.com
The imminent opening of a free trade zone (FTZ) in Shanghai has threatened the status of the southern province of Guangdong as a pacesetter for market-style economic reforms.
According to official media, the Shanghai FTZ – which will be located in the Pudong district of the metropolis – will be the centerpiece of an economic reform blueprint to be endorsed by the Third Plenary Session of the Party Central Committee slated for early November.
Free convertibility of the renminbi – and much less restrictions on capital-account transactions – will be the main attractions of the zone, which will also allow an as-yet-unspecified number of foreign financial-services companies to be established.
It is understood that Premier Li Keqiang was able to brush aside reservations made by the country’s powerful regulatory agencies as well as the four state-owned commercial banks.
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