In September 2013, the Chinese government approved establishing Shanghai Pilot Free Trade Zone (SPFTZ), the first Pilot Free Trade Zone (PFTZ) in the country. SPFTZ mainly implements policy and institutional innovation, aiming to extend reform and opening-up, generate the dividends of reform,...

As economies progressively integrate globally, the financial structures of markets and the world of finance changes. One of the definitions of financial globalization is integration of domestic financial system of a country with the global financial markets and institutions. It is now accepted...