A year after the launch of the Shanghai “free trade zone”, hailed as a laboratory for ambitious economic and financial reforms, many investors are disappointed at the slow pace of change.
However, while critics rightly note that precious few business and investment activities are currently permitted in the zone (known as the FTZ) that are not also allowed in the rest of China, it is too early to dismiss it as a failure.
The government has used its first year to establish a regulatory framework for further liberalisation of rules on foreign direct investment and cross-border capital flows.
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