China's financial center Shanghai is expected to be approved to open a free trade zone in July at earliest to test free dialogue of renminbi and cross-border capital flow, said sources.
The Shanghai free trade zone project includes the pilot opening-up and gradually free exchange of renminbi capital accounts and other financial innovations. More importantly, in the context that China may start the negotiations to join in the TPP, the decision-makers have begun to consider making the Shanghai zone be the first opening-up window after China joins in the TPP.