SHANGHAI -- More detailed measures will be soon rolled out to implement the central bank's guideline to push financial reforms in Shanghai's free trade zone, an official with the zone said on Tuesday.
Dai Haibo, deputy director of the administrative committee of the China (Shanghai) Pilot Free Trade Zone (FTZ), said such measures were intended to be put in place in March, three months after the People's Bank of China issued a 30-point guideline to support the FTZ.
The guideline aims to liberalize interest rates, facilitate cross-border use of the Chinese yuan and allow individuals in the zone to sidestep China's restrictions on investing in securities abroad.
The FTZ has also been billed as an outpost to test greater opening of China's service sector. Dai said that 19 of 23 measures designed to stimulate foreign investment in services have been enforced, with the other four still awaiting administrative details.
Dai added that the FTZ will step up efforts to test reform programs with the potential to be replicated in other areas of the country.
Meanwhile, the list of banned activities in the FTZ will be updated. Authorities will also shift their attention from granting access to companies and investments toward effective oversight of activities in the zone, according to the official.
