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Shanghai Pilot Project of Free Trade Zone to Open September 29

Guangming Daily reported that, according to Securities Daily, Wang Xinkui, President of the Shanghai WTO Affairs Consultation Center and Director of the Counselor’s office announced on September 12 that the Shanghai pilot program of a free trade zone will officially open on September 29. Wang stated that the pilot zone is a new strategy to further promote the open door policy and test China’s ability to manage the investment field by following the international standard. It will also improve the business climate and further facilitate trade. Moreover, Wang said, foreign banks will see fewer restrictions in the future. HSBC, Standard Chartered, and the Bank of East Asia are the first three foreign banks to have been approved to open for business in the free trade zone.

Source: Guangming Daily, September 13, 2013