Despite rapid development in the past few years, many traditionalists in Shanghai still believe in the old adage that a bed in Puxi is preferred to a house in Pudong.
Shanghai is planning to set up a free-trade zone in the Pudong New Area later this year, the China Securities Journal reported on Tuesday.
Shanghai aims to develop three bonded areas into China's first free trade zone (FTZ) to facilitate global trade. The move is the city's latest attempt to globalize its presence and build itself into an international financial and shipping center.
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