The
business world is abuzz about the promise of the new Shanghai Free Trade Zone
(SFTZ), a policy meant to rouse a broader Chinese reform agenda. With the
country’s rising wages and ageing workforce, China has attempted to up its
competitive gain, extending permission to enter the SFTZ to a number of
domestic firms and American banking giant, Citibank. Because China’s
implementation of rules varies across time and geography, the SFTZ could offer
promise of a more predictable and transparent regulatory climate. But could the
controlling attitude of bureaucrats and regulators curb China’s next stage of
development?
The Economist explores the risks.
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