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CONTINUED reforms in Shanghai’s financial system are high on the agenda as the city forges ahead with plans to become a global financial and commercial hub.

Those reform proposals include tariff reduction in the city’s pilot Free Trade Zone and tighter scrutiny over fraudulent Internet finance businesses.

The Shanghai Committee of the Chinese People's Political Consultative Conference met recently to refine its agenda for the way forward. Party Secretary Han Zheng and regulators like the Shanghai Municipal Financial Service Office responded to members’ questions, comments and proposals.

Member Wang Liang Cheap Minnesota Timberwolves Jerseys , deputy director of the conference’s economic committee, said he thinks other free trade zones in China, like the one in Shenzhen, are stealing a march on Shanghai by being bolder in their market-oriented reforms. The result, he said Cheap Milwaukee Bucks Jerseys , is more business activity for them.

In response to that concern, Han said the Shanghai zone should really be designated as a “national test area,” not a local free trade zone.

“This relates to the re-creation rather than the reallocation of government functions,” Han said in the panel discussion on Sunday about future plans for the Shanghai pilot Free Trade Zone.

“If people in office don’t have enough revolutionary spirit to relinquish powers, then the reforms won't achieve any success in the end Cheap Miami Heat Jerseys ," Han said.

Member Tu Haiming, also president of Shanghai Hodoor Real Estate Development Co, said the Shanghai zone should accelerate deregulation of the customs process, allowing multinational companies to deliver goods to customers within 24 hours instead of current two to three days.

Committee member Fang Huaijin, vice president of the Shanghai International Port Group Cheap Memphis Grizzlies Jerseys , suggested that Shanghai should implement a zero tariff policy for companies doing business in the zone and create preferential policies for industrial, manufacturing and shipping companies instead of applying various tax policies on different categories of companies.

Beyond the zone, committee members also expressed concerns about the monitoring of fraudulent online peer-to-peer lenders and the potential risks posed to the development of legitimate financial technology companies if hard-and-fast rules are implemented.

Last January, Shanghai halted registration of new Internet finance companies that used marketing terms like “investment, assets Cheap Los Angeles Lakers Jerseys , capital, shares, finance management and lease financing.” Shanghai Daily earlier reported after seeing the document.

The registration squeeze was followed by a national raid of online Ponzi schemes that bilked elderly people of hundreds of millions of yuan of life savings in 2015 to 2016.

Such raids shouldn’t affect the normal business operations of smaller financial companies or venture capital firms, wrote committee member Hong Zhongxin, chief execu. Wholesale Jerseys Wholesale Cheap Jerseys Wholesale Jerseys Online Wholesale MLB Jerseys Wholesale College Jerseys From China Cheap NFL Jerseys Cheap NFL Throwback Jerseys Wholesale Jerseys From China Wholesale Jerseys From China Wholesale NFL Nike Jerseys
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