IN his meeting with Standard Chartered chairman Sir John Peace last Thursday, Shanghai Party Secretary Han Zheng said the Shanghai Free Trade Zone is a major step in China's effort to deepen reforms and increase opening.

The Shanghai government has set high goals in the city's 13th Five-Year Plan (2016-2020) and Shanghai will meet the expectations of the central government to develop into an international financial center and to carry out bold financial reforms, Han said.

The local Party leader said Standard Chartered has witnessed and participated in Shanghai's endeavor to build an international financial center. Shanghai and the Standard Chartered Bank should cooperate more closely in financial reforms.