China’s State Council approved on Wednesday the general plan for to establish a trial free-trade zone in Shanghai, the Chinese mainland’s first such zone.

In this trial zone, goods can be imported, processed and re-exported without the intervention of customs authorities, hence the free flow of the commodities and capital.

China is also considering to allow full convertibility of the Renminbi in this area, a move to help Shanghai fast-track transforming itself into an international financial center.

The State Council said the free-trade zone will also be set up as a cooperation platform for international cooperation, and cultivate more competitive Chinese companies.

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