1、 文 献 翻 译 专业班级： 国际经济与贸易一班 姓 名： 指导教师： 二 一六 年 六 月 装订线 Shanghai free trade zone: reform the proving ground The anticipation over Chinas new free trade zone, set to launch this weekend, is at fever pitch.Homes next to the zone in Shanghais far-flung suburbs are sold out. The stocks of companies expected
2、to benefit have surged, some rising by more than 300 per cent over the past month. Economists have hailed it as Chinas most significant reform push in more than a decade.Just do not ask any of the homebuyers, investors or analysts what the free trade zone will entail exactly, because, for now at lea
3、st, they are all still mostly in the dark.When the State Council, or cabinet, approved the establishment of the Shanghai free trade zone in July, local officials initially described it as a boon for the logistics industry. They said it would lead to lower tariffs on goods shipped through the zone an
4、 important development, though hardly a revolution.But since then, speculation about what else might be included has snowballed. The cabinet has suggested that it will be used as a test ground for financial reforms. Interest rate deregulation, a convertible exchange rate and an elimination of invest
5、ment restrictions for foreign companies are all being discussed, according to government advisers.“This should be a huge deal for China. Shanghai officials previously thought this was a city initiative. Now, its a national initiative,” said Liu Ligang, an economist with ANZ. “Premier Li Keqiang has
6、taken it over and wants to use the zone as an experiment to fast-forward domestic service sector liberalisation and capital account liberalisation.”These steps are all part of Chinas long-term blueprint as the government tries to shift the economy away from a reliance on investment and towards more innovative industries. But it is tough to overcome entrenched bureaucratic opposition to these reforms and risky to implement them on a
