-The first stage of FTZ development had a three year timeline
-So far, reform initiatives have given the cold shoulder to financial services
-We believe it will form the cornerstone of the next agenda

Update: Z-Ben Advisors would like to wish the Shanghai Free Trade Zone (FTZ) a happy third birthday. This is actually an important milestone because it represents the end of the first stage of the pilot scheme. Quite frankly, there have been few actionable developments for foreign asset managers but the infrastructure is being built. We believe that the next three years will bring foreign asset managers into the picture. This starts now.

Whether or not the pace of reform (or lack thereof) was by design is up for debate. However, it’s worth considering that it wouldn’t be the first …

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