Shanghai draft rules on FTZ to take effect in 2nd half

Much-anticipated operational rules for the China (Shanghai) Pilot Free Trade Zone, awaiting approval by local legislators, are expected to come into force in the second half of 2014 and lay a legal foundation for further reform.

Draft rules were submitted on Tuesday to the Shanghai People's Congress' monthly meeting. No decision will be announced until the next meeting.

Under the draft, the rules will take effect on Aug 1 and replace regulations that were put in place in 1996.