During his ongoing visit to China, British Prime Minister David Cameron is seeking to attract Chinese investors to his country.
As the cross-border use of renminbi is more popular than expected, Chinese policymakers should not hesitate to set in motion inevitable financial reforms.
Gary Liu believes setting up the Shanghai free trade zone might mean that China avoids its own Asian financial crisis.
Whenever there is economic reform, you can guarantee that it will be swiftly followed by sentiment ranging from doubt, fear and regret to outright condemnation.
The Shanghai Free Trade Zone has at last opened officially amid much positive media attention. But does this initiative really represent a major step toward a new era of reform?
The FTZ is aimed at helping develop industries by promoting free and convenient trade, and acting as a transit point for trade.
Shanghai is likely to prevail as China's global financial hub. Hong Kong and Guangdong are expected to continue boosting innovation and entrepreneurship.
The Shanghai Free Trade Zone is expected to usher in pilot reforms of China's financial sector, and promote the development of its financial markets, thus further opening up the country to international financial markets.
World Bank President Jim Yong Kim said China's willingness to continue reforms despite lower growth rates is a "good example" for all emerging markets.
FTZ is expected to be a testing ground for new policies, with focus on liberalizing China's service sector, financial services in particular.
The China (Shanghai) Pilot Free Trade Zone heralds new strategy of reform and opening-up and goes with global economic trends.
Shanghai now tests and spearheads the nation's reform and opening-up drive, after an economic miracle created through such efforts spanning more than 30 years.
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