When China launched the expansion of the Shanghai free trade zone (FTZ) recently...
SHANGHAI/BEIJING - When China launched the expansion of the Shanghai free trade zone recently and announced six new FTZs in July, officials touted the efforts to attract foreign investment and deepen trade ties with neighboring countries.
While the Shanghai FTZ, opened in September 2013, has long struggled to live up to its initial promise of free-flowing currency and easier international trade, more businesses are increasingly deserting the 28.78 square kilometer Waigaoqiao zone. “There are many conflicting desires in the FTZ – and they can’t be as effective ultimately as Beijing would hope,” he said, adding that the same issues will affect the new FTZs.The idea in 2013 was that an onshore yuan account opened in a free trade zone bank branch could be used as if it were already offshore, meaning it could be exchanged, or used in payment free of domestic restrictions.
The Bank of Ningbo currently has four branches in the FTZ, but while they’re still expanding, most of the work done is normal banking business.
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