"The new free trade zone should not be a replica of existing zones, either in form or in function."

Wan Zengwei, director of the Pudong Academy of Reform and Development in Shanghai, saying that Shanghai does not intend to challenge Hong Kong's status as a major global free port, even as it strives to come out with more investment-friendly policies. Wei's comments follow reports that Shanghai is planning to set up a free trade zone in Pudong.

"China represents the fastest growing source of foreign direct investment in the US. Since 2006, FDI from China to the US has grown at an average rate of 71 percent every year. I believe there is even more room for growth."

Francisco J. Sanchez, the US undersecretary of commerce for international trade, saying that the US government welcomes investment from China and fears that Chinese companies are buying out US firms are unfounded.

(China Daily 05/17/2013 page14)