China pledges progress on currency reforms in Shanghai free trade zone
SHANGHAI (AFP) - Shanghai's mayor on Sunday pledged to make major progress this year on key financial reforms in the city's new free-trade zone (FTZ) including full convertibility of China's currency.
China set up the FTZ in the commercial hub in September lastyear, promising to make the zone a showcase for financial reforms, which have slowed over the last decade.
"We will make all-out efforts to build the FTZ," mayor Yang Xiong told lawmakers at the annual meeting of the city's legislature.
"To intensify opening up and innovation in the financial sector... we will seek substantive progress with pilot reforms," he said in a speech.