June 17, 2019

Officials talk up FTZ expansion at Lujiazui Forum

A more convenient cross-border fund management system will be piloted at the new expansion of the Shanghai Free Trade Zone, People’s Bank of China Governor Yi Gang said at the ongoing  Lujiazui Forum.

He was among a slew of top officials, from home and abroad, who spoke at the forum, now in its 11th year.

“The expansion of the FTZ is a measure of the opening-up policy and institutional reforms,” said Ma Chunlei, deputy secretary-general of the Shanghai Municipal Government and director of the Development and Reform Commission.

According to Ma, the new expanded area of the FTZ will focus on liberalization of investment and trade. Breakthroughs will be made in investment, trade, funds, employment and other areas.

Ma hoped that the expansion of the FTZ will be a global window to China’s determination and efforts for opening-up.

Ren Deqi, president of the Bank of Communications, held the view that the FTZ expansion must lead to institutional reforms and innovations so as to follow international practices and standards.

Arnaud de Bresson, managing director of Paris-Europlace, hoped that Shanghai will further facilitate market access to foreign-funded institutes.

Zheng Yang, director of the Shanghai Bureau of Financial Work, said that Shanghai will deepen financial innovations and reforms focused on the FTZ expansion, implement more powerful opening-up measures and carry out risk stress tests.