By Erik Crouch
Coming economic reforms will reportedly loosen financial restrictions on Shanghai, following local officials’ comments that “Shanghai can’t develop as quickly as before [i.e. the 1990’s – early 2000’s] due to the central government’s tighter grip.” According to South China Morning Post, Xi Jinping’s economic reforms, coordinated with Shanghai’s party bosses, are “aiming at eventually creating a ‘mini-Hong Kong’ [in Shanghai].”
It looks as though the new leadership, with Xi at the helm, will loosen the reins on Shanghai as it pursues rapid growth to catch up with Hong Kong, New York and London.
Major liberalisation moves in the finance and shipping sectors are likely to be endorsed by Beijing in the coming decade to reinforce Shanghai’s push to become one of the world’s elite cities.