by Staff Writers
Shanghai (AFP) Sept 15, 2014
China has removed a senior official of its much-heralded Shanghai free-trade zone (FTZ) less than a year after it was opened, state media said Monday, amid reports he was under investigation for corruption.
The official Xinhua news agency said Dai Haibo was no longer the Communist Party chief and executive deputy director of the zone, which was set up on September 29 last year. It gave no reason.
Hong Kong's South China Morning Post on Monday quoted anonymous sources as saying he was suspected of "disciplinary violations", a phrase which typically refers to corruption.
Dai was the public face of the FTZ, appearing at news conferences and running the zone's administration on a day-to-day basis.
When China launched the FTZ last year, officials promised widespread reform including free convertibility of the yuan currency, but the slow pace of change has frustrated businesses, especially foreign companies.
In July, Shanghai released a revised "negative list" of what is barred in the FTZ following criticism the previous list was too long, but the changes were limited.
At a press conference to unveil the new list, Dai continued to tout the benefits of the FTZ.
"The Shanghai free trade zone is a test field for the country's deepening of reform and opening," he told reporters at the time.
Global Trade News
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|