Financial liberalization has become one of the hottest topics in recent years both on the Chinese mainland and in the rest of the world. Analysts see reform measures as a solution to amend some of the discrepancies caused by China's unbalanced economic growth. The Shanghai Free Trade Zone, which was officially created as a testing ground for policy experimentation, has been the forerunner in carrying out reform policies that, if successful, will be adopted across China. Most recently, financial liberalization reform has been the key focus in the zone with the People's Bank of China (Central Bank of China) releasing a series of reform measures aimed to test out 1: The convertibility of the Chinese Yuan (Renminbi). 2: Cross-border financial settlements. 3: Interest rate liberalization. The third bulletin commenting on the Shanghai Free Trade Zone will focus on the recent financial reform initiatives and the implications for companies.

1. The Shanghai Free Trade Zone
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Erik Zhang, Public Affairs, MSLGROUP China
erik.zhang@mslgroup.com Tel: +86-21-5169 9311 ext. 6706 or +86-186 1656 5793
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MSLGROUP Commentary
Roadmap to reforms (based on the Opinions published by the PBOC)
A Matter of Time: Shanghai Free Trade Zone verges on financial reform