China intensifies financial reforms in Shanghai FTZ

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.