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Shanghai Urged to Open Markets and Cut Red Tape to Boost Foreign Investment and Become a Global Financial Hub

  • EU chamber urges China to walk the talk on liberalizing markets to boost FDI and make Shanghai a global financial hub.

  • Shanghai needs to cut red tape, reduce taxes, make yuan fully convertible, and open market access to attract foreign investment.

  • Reforms over 20 years have not lived up to expectations, Shanghai still far from a true global financial center.

  • Pent-up demand after reopening did not materialize, foreign firms deterred by uncertainty, property woes, tightened national security.

  • Shanghai's allure as magnet for foreign investment is fading, bank and finance market still seen as too regulated.

scmp.com
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