'Fast forward' on financial reforms urged

Financial reform in the China (Shanghai) Pilot Free Trade Zone needs to speed up, especially when it comes to opening up the capital account and liberalizing the exchange rate, said an expert involved in the official evaluation of the pioneering zone.

Chen Bo, secretary-general of the FTZ Institute at the Shanghai University of Finance and Economics, said that the slowest part of reform in the FTZ has been in the financial sector, mainly due to possible risks and resistance from vested interests.

The institute is one of three outside parties chosen to evaluate the FTZ's first year of operations. Chen designed the assessment criteria, which include more than 40 indexes based on international standards.