Date set for Shanghai free trade zone opening

Chinese Premier Li Keqiang will preside over the opening ceremony of the Shanghai free trade zone on September 29, Bloomberg reported, citing Shanghai Daily. The zone is expected to allow for freer yuan convertibility, liberalized interest rates and relaxed restrictions on foreign investment. Li is attempting to move the economy from investments and exports to services and consumption in order to sustain growth. During the World Economic Forum last week in the city of Dalian he said “China’s reform has entered…the most difficult phase.”