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The People's Bank of China, China's central bank, released a detailed guideline in December to pinpoint which financial reforms will be tested in the free trade zone.
One of the reforms promises that individuals will be free to carry out cross-border transactions using funds earned in the zone. Other policies include allowing qualified financial institutions in the zone to trade large-scale certificates of deposit. Qualified companies and individuals in the zone will also be allowed to borrow yuan abroad, although those funds can't be used to invest in securities or derivatives or to make loans to other parties.
Another positive sign for Shanghai's financial sector is the recent inflow of talent. According to British recruitment agency Hays, competitive salaries in the city draw some of the best talents in the financial industry.
A salary guide by Hays shows that a risk analyst with a Shanghai-based hedge fund earned up to 800,000 yuan last year, 46 percent more than a counterpart in Hong Kong. A director at a mainland private equity fund earned as much as 2.5 million yuan, while a similar position in Hong Kong paid only around 2 million yuan.