Survey says RMB cannot be freely convertible into Shanghai financial Center

April 7 Noon News, the European Union Chamber of Commerce, Roland Berger Management Consulting Co., Ltd. released today, "2011 Asia-Pacific Headquarters survey" showed that multinational companies most want to set up the headquarters of the Regional survey, Shanghai ranked first, the yuan is not freely convertible will become Shanghai financial center major obstacles. The company's headquarters in Shanghai is the most attractive. It is reported that nearly 2/3 of the survey companies in the Asia-Pacific region has established a Asia-Pacific headquarters, these headquarters 90% are covered by China, Singapore is the existing Asia-Pacific headquarters in the largest number of cities, followed by Shanghai, Hong Kong and Beijing.　　Nearly half of the companies set up their headquarters in the region 2000 years later. The survey showed that the first five of the 25 metrics that companies choose to host Asia-Pacific headquarters are "distance from customers and markets", "good legal and regulatory environment", "stable and strong political environment", "good business Environment", "good tax environment".　　Shanghai, Hong Kong, Singapore, Beijing, Guangzhou and Shenzhen are the top six to attract multinational companies to establish their headquarters.　　In the most important measure, "close to the customer and market", Shanghai scored the highest, but other criteria scored low, Singapore was best in a good legal and regulatory environment and a stable political environment, and Hong Kong had a significant advantage in terms of administration, regulation and taxation. The renminbi cannot be freely convertible into the Shanghai financial Center. In Shanghai alone, the challenge for multinational companies to run Asia-Pacific headquarters comes mainly from regulatory and tax environments, mainly due to the low predictability and transparency of the business environment, the severity of bureaucracy, the lack of clarity and rapid change in regulations, policies,　　Administrative procedures include lengthy visa procedures.　　The head of the European Chamber of Commerce in China pointed out that Shanghai is currently building an international financial center, but foreign financial institutions in the operation encountered many regulatory obstacles, such as the convertibility of the renminbi, the regulator is located in Beijing, the level of personal tax rates, foreign companies enter the financial services market in China strict restrictions. For example, Shanghai imposes a maximum of 30% of corporate income tax on foreign-funded enterprises, 16.5% in Hong Kong and 17% in Singapore.　　and Shanghai personal income tax rate is the highest 45%, Singapore as long as 20%, Hong Kong is lower, only 17%. The survey suggested that Shanghai should be built into an international financial centre in 2020 years, with regulatory need to reduce bureaucracy, to implement stable and reliable policies, and to adopt international monetary standards and transparency standards recommended by the IMF. (Xu Wen from Shanghai)