The new Chinese free trade zone (FTZ) being rolled-out in Shanghai has controlled re-regulation at its core. This includes tax incentives, such as payment of tax by instalments. At the same time the regulation in the City of London makes it difficult and expensive for a Chinese bank to establish a City branch. Of course both China and the UK need to get the balance of regulation right. The UK especially with the catastrophic banking crisis which taxpayers are paying for. A sign of the changing times that perhaps UK regulators could learn from their Chinese counterparts.
Tax Barrister, Accountant