However, Professor Zhu declared that the liberalization of savings rates could take place in the next two to three years.
Among the changes that Premier Li envisions for China, the liberalization of savings rates might be the most ambitious of all.
The EU – Turkey Customs Union in 1995 led to an extensive liberalization of tariff rates, and forms one of the most important pillars of Turkey's foreign trade policy.
This encompasses financial reform, which will likely advance more quickly, resulting in the liberalization of interest rates, more participation in the financial sector by private players, further liberalization of the renminbi, and probably a move to full convertibility in the next few years.
The recently approved Shanghai FTZ is slated to be a test bed for convertibility of China's yuan currency and further liberalization of interest rates, as well as reforms of foreign direct investment and taxation, the State Council, or cabinet, has said.
This includes modest but significant steps taken in recent months toward greater flexibility of the renminbi's exchange rate, liberalization of domestic interest rates, and freeing up of restrictions on capital inflows and outflows.
This reform focuses on the liberalization of deposit interest rate, which aims to increase the competition between the two institutions.
In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets.
A liberalization of the exchange rate that got rid of the black market could be a big step forward.
However, recent measures of liberalization of foreign exchange rate and suspension of import duties on essential commodities are likely to improve imports and overall supply of food in urban areas.
