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Free-trade zone for Shanghai Mr Li's big idea Jul 16th 2013, 5:34 by V.V.V. | SHANGHAI IF PRESS reports are to be believed, Shanghai's dreams of surpassing Hong Kong to become the region's leading financial centre may have a powerful supporter in Beijing. According to Xinhua, the official government newswire, the ruling State Council has approved plans championed by Li Keqiang, the newish premier, for an ambitious free-trade zone in the mainland's second city. The idea has set the country's press and local wags alight with speculation about how far such an idea could go. Take the conservative view, and the project is a useful albeit limited boost to trade and regional integration. On this view, the new free-trade zone would integrate modern transportation and communications infrastructure with a tax-free framework for domestic and foreign firms. This would help boost China's efforts to become a pan-Asian supply chain hub. Allowing the free movement and warehousing of metals, for example, could also allow Shanghai to develop world-leading commodities exchanges. But if you listen to the plan's more enthusiastic boosters, this idea represents nothing less than a crucible for all of the liberal economic reforms that the new administration hopes will eventually take off across the country. Those dreaming of faster financial liberalisation say that the new zone will allow foreign banks, currently inhibited by red tape from achieving scale or much profitability, to expand rapidly and easily. Domestic banks, currently restricted in their overseas activities, are supposedly going to be allowed to experiment in the new zone with products and services currently banned at home. Technology enthusiasts are claiming that the long-standing ban on video game consoles will be lifted—if consoles are themselves manufactured in the Shanghai free-trade zone. What to make of all this? It is not yet clear what the government really intends to do. However, one problem that officials will confront is that of leakage: since innovations are sure to produce price differences inside and outside the zone, how exactly will they keep enterprising locals from finding ways to arbitrage the difference? The more ambitious the scheme, the more likely it is to fail; the more conservative it is, the less relevant it becomes. That is why the only serious and sustainable way forward for China is to liberalise the entire economy, not just a tiny sliver of it. http://www.economist.com/blogs/analects/2013/07/free-trade-zone-shanghai?fsrc=scn/fb/wl/bl/libigidea
(Courtesy of © Copyright © The Montreal Gazette)
http://www.newswire.ca/news-releases/115-new-jobs-created-in-greater-montreals-fintech-industry---iocs-opens-its-first-north-american-software-development-centre-in-montreal-577237671.html MONTRÉAL and LONDON, United Kingdom, April 27, 2016 /CNW Telbec/ - IOCS - the world´s first developer of multi-tenant, end-to-end e-commerce platform for the processing of complex agreements - has chosen Montréal to establish its first software development centre in North America. With the support of Montréal International, IOCS, which is growing at an annual rate of 100%, will pursue its ambitious expansion strategy using Québec's metropolis as a springboard. The company plans to create a team of over 115 highly skilled employees in Montréal within the next three years.
8. Montréal Mélange of cultures marries brains and beauty Best for: Culture, events, value for money Having recently gained a high rank on city lists including the world’s happiest (Lonely Planet, 2010) and hippest (New York Times, 2011), this year Montréal’s angling for a top spot, showing off in Stephen Spielberg’s summer release Robopocalypse, and inviting everyone for drinks at the new urban beach. But Montréal’s got brains as well as beauty. Spring 2013 marks the launch of the new Rio Tinto Alcan Planetarium, rounding out the ambitious ‘Space for Life’ project. And Montréal’s social calendar is also bubbling over with the unveiling of the Grévin wax museum at the Eaton Centre, the 50th-anniversary celebrations of the Place des Arts, and the new Point Zero hotel, owned by the eponymous fashion label. Read more: http://www.lonelyplanet.com/themes/best-in-travel-2013/top-10-cities/#ixzz2AEqsnbIO