In a move underlining the leading role Shanghai will play in the country's economic future, the cabinet has formally endorsed the city's plan to open the mainland's first free-trade zone.
The free port will be a testing ground for major policy reforms to free up cross-border commodity and capital flows, areas in which it threatens to eclipse Hong Kong's traditional contribution to the national economy.
The State Council said in a statement after a meeting chaired by Premier Li Keqiang that the free-trade zone would be a snapshot of an "upgraded Chinese economy".
via Business feed http://www.scmp.com/news/china/article/1274936/state-council-gives-green-light-shanghai-free-trade-zone
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