{"id":159637,"date":"2013-07-15T04:45:42","date_gmt":"2013-07-15T11:45:42","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=159637"},"modified":"2013-07-15T04:45:42","modified_gmt":"2013-07-15T11:45:42","slug":"regulators-opposed-shanghai-trade-zone-plans","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2013\/07\/regulators-opposed-shanghai-trade-zone-plans\/","title":{"rendered":"Regulators Opposed Shanghai Trade Zone Plans"},"content":{"rendered":"<p>Sources tell George Chen of the South China Morning Post that <a href=\"they don't want to lose face. So Li Keqiang is now definitely very keen to make the Shanghai plan a major achievement for his follow-up economic reforms. He will gain political capital for doing this.&quot;\"><strong>Chinese premier Li Keqiang faced open opposition from financial regulators<\/strong><\/a> as he pushed through recent approval to <a href=\"http:\/\/www.scmp.com\/news\/china\/article\/1282793\/li-fought-strong-opposition-shanghai-free-trade-zone-plan\">designate a new free trade zone in Shanghai<\/a>:<\/p>\n<blockquote><p>Financial industry regulators, including the China Banking Regulatory Commission (CBRC) and China Securities Regulatory Commission (CSRC), openly disagreed with Li&#8217;s plan to open Shanghai&#8217;s financial services sector to foreign investors.<\/p>\n<p>Three sources with first-hand knowledge of high-level government meetings told the\u00a0<em>South China Morning Post\u00a0<\/em>that Li lost his temper at one closed-door cabinet session. When told of the continuing opposition to his plans, he slammed his fist on the table in frustration.<\/p>\n<p>[&#8230;]\u00a0The sources, who reviewed internal cabinet meeting minutes, said disagreements over new policies were not uncommon among ministries. But it was rare for regulators to team up and fight a premier &#8211; China&#8217;s second most powerful man after the president.<\/p>\n<p>&#8220;He has had to fight a lot on this,&#8221; said one of the sources. &#8220;You know Chinese officials. Rule number one: they don&#8217;t want to lose face. So Li Keqiang is now definitely very keen to make the Shanghai plan a major achievement for his follow-up economic reforms. He will gain political capital for doing this.&#8221; [<a href=\"they don't want to lose face. So Li Keqiang is now definitely very keen to make the Shanghai plan a major achievement for his follow-up economic reforms. He will gain political capital for doing this.&quot;\"><strong>Source<\/strong><\/a>]<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Sources tell George Chen of the South China Morning Post that Chinese premier Li Keqiang faced open opposition from financial regulators as he pushed through recent approval to designate a new free trade zone in Shanghai: Financial industry regulators, including the China Banking Regulatory Commission (CBRC) and China Securities Regulatory Commission (CSRC), openly disagreed with [&hellip;]<\/p>\n","protected":false},"author":983,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2,14744,14745,14746,100],"tags":[1049,81,5526,14988,85,3800],"class_list":["post-159637","post","type-post","status-publish","format-standard","hentry","category-economy","category-level-2-article","category-level-3-article","category-level-4-article","category-politics","tag-economic-reform","tag-free-trade","tag-li-keqiang","tag-regulators","tag-shanghai","tag-state-council","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Regulators Opposed Shanghai Trade Zone Plans<\/title>\n<meta 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