Detailed policies to be gradually unveiled

Detailed policies to be gradually unveiled

The Shanghai free trade zone is seen as a testing ground for China’s financial reforms and innovation. However, we are hearing some grumbling about inadequate policy support.
It’s been a month since Shanghai launched China’s first official free trade zone. But public thirst for more financial openness can’t be quenched by policies unveiled so far. Some say the free trade zone does not have enough “free” policies.
The curtains fall, flowers and applause turn into mistrust and criticisms in a blink of an eye - to be precise, less than 30 days in the case of the Shanghai free trade zone.
The investment “negative list” is under fire for being too long, that a free trade zone shouldn’t keep so many restricted fields. There are also gripes the financial policies are insufficient.
But as chief economist Lian Ping from Bank of Communications puts it: the public has every reason to be harsh, but Rome was not built in one day.
"Shanghai FTZ was launched without waiting for its detailed financial regulations to be in place. Just like the zone was a pilot project, so is the policy framework," said Lian Ping, chief economist at the Bank of Communications.

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