China needs to be careful as service sector opens
Print Edition
China should be careful about potential risks as it moves to further open the service industry in Shanghai’s pilot free trade zone, experts cautioned yesterday.
‘‘Opening too fast may result in a negative impact on China’s service industry, which still lags behind that of developed economies in terms of human resources and technology,” said Chao Gangling, professor at the International School of Business and Management of the Shanghai University of Finance and Economics.
China is using the FTZ to test out deregulating foreign investment in services. The central government has outlined 23 policies to further open up the service sectors covering financial services, shipping management, value-added telecommunication services, cultural industry and legal services.
Chen Xinkang, another professor at the school, suggested the authorities grant zero tariffs on the trading of cultural goods in the zone as well as offer preferential policies to cultural enterprises based there and to promote innovation among cultural firms in the zone.
The cultural sector contributes 4 percent to China’s economy, compared with 25 percent in the US, said Chen.
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