China launches free-trade trial zone in Shanghai

China's State Council unveiled the blueprint for a free-trade zone in Shanghai last Friday, a move that will lead to long-overdue economic reform on the mainland. 

Yet the announcement lacked clarity, and some industry participants remain sceptical about many of the mooted reforms, notably interest-rate liberalisation. 

Under the free-trade zone, ideally interest rates will be determined by the market. There will also be full renminbi convertibility, and the possibility that foreign investors can invest in industries which are notoriously difficult to access, such as the telecommunications sector. 

Friday's free-trade zone blueprint provided guidelines for 18 industries including financial, shipping and cultural.