Qianhai's Stalled Progress Reflects Limits of China's Economic Reforms
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Qianhai was created as a special economic zone to be China's Hong Kong - a future finance and tech hub with market reforms. But it has not lived up to expectations.
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The area has a high office vacancy rate despite lower rents than other cities. New non-state firms are reluctant to move there.
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Without promised reforms, Qianhai's draw is low taxes and subsidies - but these are offered in many other zones too. It struggles to stand out.
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Analysts say Qianhai's challenges reflect limits of China's old growth model. More comprehensive reforms are needed for high growth.
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Qianhai's stalled progress illustrates China's economic slowdown and policy reversals. Officials now avoid risks that could spur innovation.