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Publication(Washington, DC, 2011-01) World BankForeign Direct Investment (FDI) has played a significant and positive role in driving economic growth and upgrading economic structure in Shanghai. The shift in the pattern of FDI over the last decade towards services has been particularly crucial. Given its importance, Shanghai municipal government may continue to devote efforts to attract FDI and have foreign funded enterprises help reshape Shanghai's economic landscape. The main importance of FDI to Shanghai lies less in its capital finance, and more in the extent to which foreign funded enterprises (FFEs) help move the city up the value chain and generate high-end jobs. In the post-financial crisis era, developing countries will take a much larger role in leading world growth while enhanced competition will accelerate the pace of service revolution. Possessing strong geographic advantages, Shanghai has the potential to become an international business and financial hub and to have the high-tech industries and services being the driving force of the growth. Shanghai has strong potential in reaping the benefits of FDI and reshaping its economic landscape in 12th Five Year Plan period. In terms of the three conditions to succeed good opportunity, favorable geographic location and harmonious society, Shanghai is already in a good position. This note seeks to provide insights to help the Shanghai government make the right decisions and trade-offs to better reap the benefits of FDI in the context of a changing global context.
Publication(World Bank, 2010-01-01) World BankThe past eight years witnessed China's phenomenal growth and integration into the world economy, expedited by its accession to the World Trade Organization (WTO) in 2001. The accession greatly accelerated China's domestic reforms. By the end of 2007, China was ranked the second largest exporter and third largest trader in the world after its exports grew at over 20 percent per year for the sixth year in a row. The increasing competitiveness of China has been driving the efficiency of production, innovation and growth of global exports to new heights. Regional production networks in East Asia grew substantially in the past few years and were largely centered on China. This volume aims to help guide policymakers in assessing the second generation trade issues and their development impact on China by presenting lessons from other countries and policy options. Trade is a strategic area in which the World Bank has been working closely with China with the aim to promote the country's participation in the multinational economic institutions, to reduce its barriers to trade and investment, and to involve it more in global development and cross-border learning initiatives. This volume would not have been possible without collaboration with the Chinese Ministries of Finance, Commerce, and Agriculture. It has also incorporated valuable contributions from Chinese researchers in the trade area. Studies in this collection have been disseminated in a series of workshops and learning events co-organized by the World Bank and the Chinese counterparts in Beijing, which served as a forum for policy dialogue among the Chinese policy makers, trade negotiators, and scholars from development and international perspectives.
Publication(World Bank, 2009-06-30) World BankThis report is structured in three volumes: competition provisions; environment provisions; and labor mobility provisions. The main messages of this three volumes are as follows: 1) competition laws and policies are increasingly being established at the regional level, as they could be instrumental in supporting the benefits of trade and investment liberalization; 2) China may want to use the opportunity of these negotiations to: (a) further discipline its state-owned enterprises;(b) carefully consider the possible role of antidumping policies; and (c) promote and lock-in domestic reforms aimed at improving its domestic competition policies; 3) with a shift of the development agenda from primarily pursuing growth to achieving a more balanced and sustainable development and taking into account China's high reliance on trade, it may be increasingly in China's interest to pro-actively engage its partners on environmental issues in its regional trade agreement (RTA) negotiations; and 4) while the world economy stands to gain massively from liberalization in the mobility of labor, adverse popular reaction to the economic and social impacts of immigrants has kept progress in enhancing global labor mobility well below progress in trade and capital liberalization.
Publication(China Financial Publishing House, 2008-01) Qi, BinThe 'China capital markets development report' provides a good overview of the development of China's capital markets and explores future strategies. The report starts by reviewing historical events in the evolution of China's capital markets which have grown from small and unorganized regional markets into a national market today. By summarizing lessons learned during the market evolution and analyzing major gaps between China's capital markets and more mature markets, the report tries to propose a strategic design and vision for China's capital markets development for the next decade and beyond. Since the commencement of economic reform and opening up, China has gone through significant economic and social changes, and the socialist market economic regime has been established and steadily improved. Between 1979 and 2007, China's Gross Domestic Product (GDP) has been growing above 9 percent annually on average and China has become the fourth largest economy in the World. China's capital markets emerged and developed during the same period. With joint efforts by all relevant parties, China's capital markets have been able to reach a level of development that took many mature markets decades or even a hundred years to achieve. Along the way, the legal and regulatory frameworks, and trading and clearing systems have developed according to international best practice and China's capital markets have been increasingly recognized by international investors. The emergence and development of capital markets has been closely linked to mass production. They are the prerequisite for, and important indicators of, a modern market economy. Capital markets promote the development and improvement of market-driven resource allocation, resulting in the optimization of social resources. As the world financial markets become increasingly global and integrated, competition among capital markets and financial centers around the world is becoming increasingly intensive, leading to a fast-changing landscape in capital markets. The competitiveness and viability of the capital markets have become important components of national competitiveness.