Citigroup attracted by China’s new free trade zone in Shanghai

City A.M. Reporter

AMERICAN bank Citi is setting up shop in Shanghai after the authorities decided to open up the city to more economic and social freedoms.

Websites like Facebook and Twitter are expected to face less censorship in the city, as part of a drive to welcome more foreigners.

And Citi will be among the first banks to move in, according to the Wall Street Journal.

It said the Pudong district will be viewed as a testing ground by the government, which is looking at new policies to introduce around the country.

The new free trade zone is set to open tomorrow and is likely to focus on benefits from new rules like the increased convertibility of the renminbi.

Citi is reported to be interested in the country because of its high growth potential, despite the slowdown in GDP growth which has hit the country in the past year.