China inaugurates Shanghai FTZ

China on Sunday inaugurated the Shanghai Free Trade zone, which opens with the aim of creating a more efficient and open economic system, Bloomberg reported, citing Commerce Minister Gao Hucheng. The area is a testing ground for free-market policies that Premier Li Keqiang has signaled he may later implement more broadly in the world’s second-largest economy. Citigroup (C.NYSE) and DBS Group (D05.SGX) are among the first banks to announce their participation in the zone.