This may not appear to be about zone immediately but this article gets there and is worth reading in full.
The transfer in China of responsibility for the approval of medium- and long-term corporate bond issues by listed companies from the National Development and Reform Commission (NDRC) to the China Securities Regulatory Commission (CSRC ) may turn out to be a watershed decision in China’s transition to a more market-oriented economy.
There are indicators that suggest the government has selected the Tianjin Binhai New Area, southeast of Beijing, as the next hub for concentrated development and for trying out new ideas for financial reform that could, if successful, be replicated elsewhere in the country.
The Tianjin Binhai New Area, which consists of three administrative districts (Tanggu, Hangu and Dagang) and eight industrial zones currently under construction, offers an excellent opportunity to accelerate capital market development in China.
Vice Premier Li Keqiang, while inspecting the port city recently, stated that local officials should accelerate efforts to develop the Binhai New Area into ‘a northern portal of the country’s reform and opening up drive, a base of modern manufacturing and scientific research and application, and an international shipping and logistics center’.
Cui Jindu, vice mayor of Tianjin for financial affairs, stated that the city would concentrate on the development of venture capital and private equity investments and position the city as a center for non-securities funding. He also wants to promote corporate bonds as an alternative funding source for enterprises established in the Tianjin Binhai New Area.
This article — there is much, much more of it for this is the briefest summary — is by Pieter Bottelier who is a senior adjunct professor at The Johns Hopkins University’s School of Advanced International Studies (SAIS).
Prior to this, he served at the World Bank from 1970-1998 and was the chief of the World Bank’s resident mission in Beijing from 1993-1997. For the whole, facinating and persuasive article click HERE.
Source: Asia Times