Economics
China's Shanghai Port Zone Tests Xi on Easing Yuan Controls
- Smaller area to feature eased capital controls, no tariffs
- Policy makers have backtracked on liberalizing yuan movements
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China is making another attempt at keeping Shanghai at the cutting edge of economic reforms after its latest try in 2013 floundered.
The State Council, the nation’s cabinet, will soon unveil plans for a “free-trade port” in the world’s biggest shipping hub, according to Chen Bo, an adviser on the proposal who researches free trade zones at the Huazhong University of Science and Technology in Wuhan. President Xi Jinping had floated the concept last month as part of the Communist Party’s pledge to “develop new models and new forms of trade.”