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Large Medium SmallThe launching of a free trade zone in Shanghai is good for the development of Chinese private enterprises and China's financial reform, the chief economist of Deutsche Bank Greater China Region said on Wednesday.
Ma Jun said the Special Administrative Measures on the Entry of Foreign Investment into China (Shanghai) Free Trade Zone (2013 Negative List) is a positive development because it makes private and foreign-invested enterprises compete with State-owned ones equally.
Private banks are encouraged and an offshore market was set up in the free trade zone, which promotes financial reform and the opening of capital accounts.
Ma added that the free trade zone could increase the liquidity of the offshore-yuan market, including Hong Kong. But if its offshore-yuan business develops too fast, Hong Kong's proportion of the business globally will be decreased.
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