China took another step toward liberalizing its financial regulations last fall by establishing the Shanghai Free Trade Zone, which now serves as a laboratory for trying out new rules and regulations for doing business in China.
Chinese regulators have proposed regulatory changes within the zone affecting everything from the interest rate paid on deposits to customs processes and cross-border pooling.
The free trade zone in Shanghai “will be a testing ground for all future reform in China,” said Debra Lodge, a managing director and head of renminbi (RMB) business development for HSBC North America. “In 2014, we are expecting a lot of change, additional new pilots and just easier processes for multinationals to do business.”
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
