Overseas banks have given Shanghai’s much-hyped free-trade zone a chilly reception – yesterday’s launch included just two branches of non-Chinese institutions.
The slow start for the zone contrasts with the high expectations for its future, with analysts saying it could herald the most ambitious push for financial reforms in China in more than a decade. The Chinese government has declared that it wants to use the zone – a small 28 sq km sliver of Shanghai – as a test bed for policies from interest rate liberalisation to capital account opening.
But the tepid reaction of foreign banks reflects confusion about how the zone will operate, even as regulators have appealed for patience.
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