The Bretton Woods system was born 70 years ago and died 44 years ago - too short a life. Nonetheless, in the post-Bretton Woods era, the world has enjoyed the benefits of floating exchange rates, but it has also experienced panics, such as the Mexican and Asian financial crises, the collapse of the dotcom bubble and the 2008 global financial crisis.
The nation will draw practical lessons from the development of the China (Shanghai) Pilot Free Trade Zone to reduce limits on foreign capital in the service and manufacturing sectors, senior government officials said.
"By opening a free trade account at our FTZ branch to utilize our overseas financing channels, our clients have lowered their borrowing costs by up to 20 percent."
On its first anniversary, the China (Shanghai) Pilot Free Trade Zone, which epitomizes China's determination to push forward reform and upgrade its economy, has received equal shares of praise and criticism.
As night fell about 6 o'clock and the streets of downtown Hangzhou filled with workers rushing off to enjoy their weekends, the dampener to proceedings was persistent light rain that made negotiating the traffic jams a little more perilous.
Jack Ma, chairman and co-founder of Alibaba Group Holding Ltd, seems to be feeling on top of the world at the moment, and not without reason. He has just been listed as China's richest individual, and his e-commerce conglomerate has made its debut on the New York Stock Exchange as the largest IPO in history.
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Raymond Zhou
Op Rana
Berlin Fang
Zhu Yuan
Huang Xiangyang
Chen Weihua
