View of skyscrapers and high-rise buildings in the Lujiazui Financial District in Pudong, Shanghai, China, 9 September 2013. Shanghai is pulling away as the clear winner in the race to set up free trade zones in mainland China, casting a cloud over the future of other areas such as Qianhai that were clear favourites before and had the blessings of top government officials. The speed at which Shanghai has dusted off plans to become a test bed for bigger economic reforms, including full capital account convertibility, has caught market watchers by surprise even as Qianhai pressed ahead with a charm offensive to attract companies and banks to set up shop within that zone. The Shanghai proposal has also overshadowed similar plans for Hengqin island in the Zhuhai special economic zone and Nansha, a district of the provincial capital Guangzhou which have also thrown their hats into the ring to become such zones.
