China’s Quest for Value
As some developed countries pursue “re-industrialization” and China’s comparative advantage diminishes, China must establish its competitiveness by positioning itself at the top of the global value chain.The Shanghai free-trade zone will play a vital role in this process.
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BEIJING – At the end of September, a new free-trade zone was launched in Shanghai, the aim being to mark the start of a new era not only of openness in investment, trade, and finance, but also of deeper Chinese integration into the global value chain. The zone promises to kick-start a new round of liberalizing reforms and help China’s economy adapt to the latest demands of globalization.