Shanghai's mayor promises to speed up FTZ reform

Shanghai

SHANGHAI'S mayor promised on Sunday to speed up development of China's first free trade zone (FTZ) a year after it opened, as a chorus of foreign companies expressed disappointment over the pace of pledged reforms.

The FTZ was set up in China's commercial hub Shanghai last September with the promise of a range of financial reforms, including full convertibility of the yuan currency and free interest rates - which remain unfulfilled.