Shanghai, already an economic powerhouse of world-class status, is now laying the foundations of a financial hub that will loosen the government's tight grip on foreign investment, the currency market, and the banking system. The new free-trade zone, which opened at the end of September, was heralded as an experiment and details are still under wraps. China's commerce minister Gao Hucheng said the initiative was "a significant move to conform to new trends in the global economy and trade". Shipping is one of the sectors of the economy likely to be affected by the zone's financial loosening.
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