China’s new leadership made a crucial step in further reform and opening up,with the State Council approving the establishment of a pilot free trade zone in Shanghai.Covering less than 30 square km and built on four existing bonded areas,the zone will be a breakthrough in the deepening of China’s opening-up strategy,which began more than 30years ago.Globalization has passed the phase of traditional commodity trade and is now heavily bent toward service trade and cross-border investment.To adapt to the new trend,the Shanghai free trade zone is designed to expand the opening of the service sector in China,especially in finance.It is considered to be another significant move after China’s entry to the World
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