China to open up services, test freer yuan in Shanghai trade zone
SHANGHAI (REUTERS) - China will open up its largely sheltered services sector to foreign competition in a free-trade zone in Shanghai, and test bold financial reforms including a convertible yuan, the government said on Friday.
In a long-awaited announcement from its State Council, or cabinet, China said it will ease regulatory curbs for foreign investors to set up operations in the zone and free up controls on cross-border capital flows.
The announcement does not give a specific timeline for implementation of any specific reform, but said they would be carried out within the next two or three years.
State media has cautioned that the most dramatic financial reforms are unlikely to be implemented this year.