Shanghai Free Trade Pilot Zone receives official approval

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August 23, 2013

HONG KONG – China’s State Council has formally approved the Shanghai Free Trade Pilot Zone, whose creation was announced in June. Policies within the Zone aim to relax regulations on foreign investment (for example, the introduction of a negative list); open the service sector to foreign investors; and advance financial liberalisation, including the streamlined opening of foreign bank branches. But observers say plans are still sketchy and could encounter some resistance from vested interest groups.