16 Oct 2014
Late September 2014, Microsoft released the long awaited Xbox One to Chinese consumers. China’s government banned the selling of game consoles in 2000. The only reason Xbox can be legally sold is due to the introduction of the China (Shanghai) Pilot Free Trade Zone.
The FTZ has currently been running for a year, promising free trade, financial openness and limited governmental restrictions to businesses. A year into the programme and already 12,000 firms, as well as 3,000 financial institutions, have been established in this Shanghai based FTZ.
From January to July 2014, the amount of import and export in the FTZ reached US $71 billion, equating to 27% of overall import/export in Shanghai. Further businesses are expected to register within the FTZ as Chinese officials state they will lift restrictions on foreign investment for 27 industries, ranging from green tea to civil airplane engines.
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