Shanghai FTZ to have replicable financial measures within a year

SHANGHAI -- The Shanghai Pilot Free Trade Zone will come up with replicable financial measures within one year while strengthening management and control of financial risks, said a central bank official on Tuesday.

The financial measures will effectively serve the real economy, said Zhang Xin, deputy head of the People's Bank of China's Shanghai Head Office.

The central bank will strengthen anti-money laundering, counter-terrorism financing and anti-tax evasion administration and closely monitor abnormal cross-border capital flow, said Zhang.

The central bank said Monday that it had recently issued a guideline offering financial supports for the experimental free trade zone.

Most of the items in the guideline are mature and can be implemented immediately, but some still need details to be formulated, he said.

The China (Shanghai) Pilot FTZ, launched in October, is a test ground for China's reforms. The zone has pledged to push for "a full-scale opening" of the financial service sector to eligible private capital and foreign financial institutions.