(Reuters) – China opened a new free trade zone in Shanghai on Sunday in what has been hailed as potentially the boldest reform in decades, and gave fresh details on plans to liberalize regulations governing finance, investment and trade in the area.

It is Obvious that this plan will elevate trade in the east part of China into a new level and also allow Shanghai to develop world-leading financial and economic trades, which means Shanghai may exceed Hong Kong and become the largest Free-trade zone in China.In addition,for the Chinese and foreign banks in Shanghai, the regulations tend to be eased, which helps a more free trade to be developed in China. Furthermore, international trade could potentially reduce funding costs for Chinese firms and expose them to a more-opportunities but also a more-competition environment. This will provide Chinese banks and domestic corporations more trades and clients. For the citizens, what really attract them is that Shanghai will turn to be a shopping paradise after Hong Kong and they can get rid of the difficult procedure of Permit.

http://www.reuters.com/article/2013/09/29/us-china-ftz-idUSBRE98S02K20130929