[WORLD] Shanghai Undegoing Tests From China for New Free Trade Zone
Maximiliano VCHK, Sept. 30, 2013, 2:41 p.m.
Scheduled for early next month, China will be revealing a new kind of free trade zone in Shanghai. Although there are not many details at this point, it is already being portrayed as a more liberal chinese economy boasting 29 square kilometers of Shanghai's Pudong district.
The Chinese economy has been slowing, with worries about property bubbles and rising debt constantly rising. To remedy this, China's leaders are looking to transform the country in a direction away from global manufacturing.
This zone may lead to the liberalization of over a dozen industries. The free exchange currency of China, the yuan, is anticipated to be a very key component of the zone which includes four customs areas to store goods and avoid value added taxes or tariffs.