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also very high compared with enterprises in other parts of China (paragraph 25). This was probably the most important underlying factor contributing to the rapid growth of trading activities in Shenzhen (paragraph 25).
6.
Foreign currency trading activities in the foreign exchange adjustment centre in the SSEZ are apparently subject to a fair amount of regulation by the State Administration of Exchange Control (SAEC). But the trading rates in the centre for foreign currencies were quite near to those in the black market and the volume of transactions was reported to be substantial (paragraph 26). Notwithstanding some relaxations in recent years, business activities of foreign banks in the SSEZ were still highly restricted (paragraph 28).
Behind the scene of rapid growth and
development, there has been much debate among the Chinese leaders concerning the value and contribution to China of the SSEZ. The latest thinking is probably that the SSEZ could be used as a testing ground for economic reforms which might subsequently be applied to the country as a whole (paragraph 29). In respect of attracting high-tech industries, the zone has achieved little. Neither can the zone be taken as the model for economic development in China (paragraph 30). But the very substantial investment that has so far been put in is beginning to bear fruit. So long as the zone is allowed to retain a large proportion of its foreign exchange earnings, it stands a good chance of becoming an important industrial town and should in future further enhance its present role as an access point for international trade (paragraph 31).
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