The government's decision to set up A free trade zone in Shanghai, together with the range of other systematic arrangements it has recently introduced, marks another milestone in its reform and opening-up drive.

That drive, initiated more than three decades ago, has successfully unleashed the growth potential of the world's most populous country, helping China shake off the plague of poverty and making it the second-largest economy in the world.

However as its growth slows, amid its economic restructuring and the changing international economic landscape, the government urgently needs to renew its efforts to attract global capital and lay the groundwork for future sustainable growth.