Shanghai must reform fast to meet goal
Print Edition
SHANGHAI should accelerate reforms if the city wants to become a global financial, trade, economic and shipping center by 2020, a European business body said in a report.
“Shanghai is now at a critical point if it wants to realize these goals on schedule,” said the Shanghai Position Paper, released by the European Union Chamber of Commerce in China, yesterday.
But the report pointed out that administrative, legislative and market constraints have slowed the pace of Shanghai’s internationalization.
“Law making, approval processes, and fiscal and industrial policy-making are concentrated at the central level, giving Shanghai little freedom to experiment with new ways of development,” said the report, which is the first in a series of standalone position papers and based on the latest views and concerns of European business in Shanghai.
The report also said that the China (Shanghai) Pilot Free Trade Zone, viewed by many as being the catalyst for further financial reform, could have expedited reform efforts.
“The free trade zone and other important reforms that are being piloted in Shanghai, such as state-owned enterprise reform and the Shanghai-Hong Kong Stock Connect Program, can significantly increase the likelihood of Shanghai reaching its 2020 goals. However, Shanghai’s leadership must act urgently to implement the planned reforms,” it said.
The chamber, which publishes a European Business in China Position Paper annually has over 1,800 member companies nationwide and over 600 members in Shanghai.
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