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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(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.