Shanghai free-trade zone edges closer
Approval expected soon for plan that ties in with move for full yuan convertibility
Shanghai is expected to launch the mainland's first free-trade zone soon, reinforcing the city's bid to become a global financial centre.
The proposals on the free-trade zone were being reviewed by the relevant ministry-level authorities in Beijing and were likely to receive the go-ahead as early as July, the state-owned Shanghai Securities News reported.
The mainland's commercial hub, aiming to create a new growth engine, announced in January that it would build a free-trade zone, also known as a free port, to facilitate cross-border commodity and capital flows.
It was expected that the plan could be implemented this year.
In a free-trade zone, goods can be imported, processed and re-exported without the intervention of customs authorities, hence the free flow of the commodities and capital.
The newspaper said Beijing would allow full convertibility of the yuan in the pending free-trade zone, a move to help Shanghai fast-track transforming itself into an international financial centre.