When the Chinese government announced last August it was opening the country’s first Free Trade Zone in Shanghai, Premier Li Keqiang said the move would help turn the city into a world-class financial center on par with New York and Hong Kong. Companies that opened there would enjoy free convertibility of China’s currency, the renminbi, and streamlined customs and administrative procedures. Rumors circulated that the FTZ might even enjoy freedom from the country’s pervasive Internet censorship.
Put on a fast track, the FTZ opened in September. But now, over seven months later, the benefits of locating there are still far from clear for many businesses, including law firms.
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