Shanghai grows in size, importance

Expanded area will provide more space for experimenting with financial sector reform

The expansion of the China (Shanghai) Pilot Free Trade Zone has been approved, the State Council announced on Monday, a move that will boost the FTZ's role as a testing ground for financial and trade policy reforms.

Shen Xiaoming, director of the administration committee of the Shanghai FTZ, said the zone will aspire to the "highest level of opening-up".