China will begin rolling out financial liberalization reforms in the Shanghai free trade zone (FTZ) within three months, the People's Bank of China (PBOC) said in a statement on Wednesday.
The announcement came a day after the central bank provided additional detail on the policies it intends to trial in the Shanghai FTZ, launched in September, to help restructure the world's second largest economy away from its credit-intensive, export-focused model.
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"Financial reform in the pilot zone is not in the past tense, nor the future tense, but the present tense," PBOC Shanghai chief Zhang Xin said in a statement posted on the bank's Shanghai branch website.
"In about a year, we will implement new financial measures that can be copied and extended in other areas."