The HK-Shanghai win-win vision
By Dan Steinbock | China Daily | Updated: 2013-10-15 07:22
The Shanghai free trade zone (FTZ), which formally opened on Sept 29, could expand to eventually cover the entire Pudong area since the FTZ plan is part of China's financial reforms.
Over half a decade, China's equity, bond, and currency markets have expanded significantly. Commercial banks have increased their lending, expanded the bond market and are moving gradually toward the securitization of loan portfolios. In the process, they are opening the door to foreign investors and financial institutions.
The renminbi is already one of the 10 most actively traded currencies, and the Shanghai FTZ could help it become a fully convertible currency in a few years.
Photo
