Business

Shanghai expects cooperation with HK on FTZ

Shanghai's vice mayor yesterday urged cooperation from Hong Kong over the Chinese mainland's ambitious new free trade zone, saying its potential to boost growth will offset any competitive threat to Hong Kong.

The FTZ in Shanghai will allow unfettered exchange of the yuan as part of a bold push to reform the world's second-largest economy.

But the zone has been seen as a threat to Hong Kong's free economy and its status as a finance hub, with fears that capital might flow out to the FTZ.