Chinese government is poised to ramp up financial reforms in the Shanghai free trade zone (FTZ) over the next three months and most measures will be implemented within a year, Reuters reported. A People’s Bank of China (PBOC) statement on Wednesday for the first time gave a timeline for launching deep reforms in the zone, adding they could then be duplicated in other similar zones around the country. The announcement has boosted investor optimism – at least temporarily – that Beijing is serious about reforms in the FTZ.
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