China's commercial capital of Shanghai is still far from its goal of becomi...
SHANGHAI - China’s commercial capital of Shanghai is still far from its goal of becoming a global financial hub by 2020 due to hurdles such as capital controls and a lack of consistent rules, a report by a U.S. business lobby group said on Thursday.
China’s State Council, or cabinet, announced plans a decade ago to build Shanghai into an international financial center by 2020. AmCham Shanghai urged China to make its currency fully convertible, arguing that otherwise, “it’s difficult to envisage Shanghai ever achieving its ambition.” They also noted the practice in Shanghai of window guidance, or unofficial instructions from regulators. Foreign banks believe such communication is provided earlier to domestic banks than to their Western peers, putting foreign businesses at a disadvantage.
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