Kerr Gibbs

Kerr Gibbs

Kerr Gibbs is president of the American Chamber of Commerce in Shanghai. As a founding investor in the Crystal Orange hotel group, he helped grow the company to 130 properties and 1,500 employees in C

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What Shanghai needs to become a financial hub of the world
American companies had high expectations when China announced in 2009 its plan to transform Shanghai into an international financial center by 2020. It wouldn’t be easy. While centers like London, New York and Tokyo have the infrastructure and legal environment needed for traders, asset managers and global banks to execute transactions, China had a non-convertible currency, a closed internet and other characteristics inconsistent with a global trading center. Still, there was cause for optimism. Although China had been dragging its feet on commitments made during its accession to the World Trade Organization, in many ways the economy was moving steadily in a more liberal direction, with incr