No timetable for key reforms in Shanghai zone
Lack of deadline for plans such as yuan policies raises questions over pace of the moves
The mainland has specified no deadline for key economic reforms in its new free-trade zone including unrestricted currency flows, a government document shows, raising questions over the pace of the moves.
The lack of a firm schedule for some crucial commitments in the Shanghai zone indicates reforms will be step-by-step instead of a "Big Bang", and raises the possibility that they could be delayed, potentially for years, unless the government decides to push them forward.
Analysts and business executives say the high expectations created by mainland authorities and state media around the inauguration of the zone in September have yet to be fulfilled.
"Everyone feels the degree of opening [of the zone] is not enough," Shanghai mayor Yang Xiong admitted over the weekend.
The launch of the free-trade zone came ahead of an important Communist Party meeting from November 9-12, which will focus on economic reform, mainland officials and academics say.
Free conversion of the yuan, greater cross-border use of the currency and interest rate liberalisation would be "promoted" following establishment of the zone, the government document said.
The document added that Shanghai would "actively strive for relevant state departments to advance a clear route and timetable" for the reforms.