Shanghai pioneers new form of liberalization

During his landmark southern tour in 1992, Deng Xiaoping, lauded as the architect of China's reform and opening-up, admitted he had made an unwise decision in not making Shanghai one of the first special economic zones during the early 1980s.

Because of this, Shanghai, as well as the neighboring Yangtze River Delta, missed an opportunity to lead the country's economic evolution.

However, in the 16 years since Deng passed away, the city appears to have the chance of pioneering China's next phase of opening-up and reform.