The government of Beijing has issued a plan aiming to transfer the city into a major international financial center.
Reports said Beijing is working on policies to attract more overseas and domestic financial firms and institutions to settle down in the Chinese capital.
But the report has been questioned in the media.
An article carried by the Beijing News pointed out that under the system of market economy, it is the market that plays a vital role in the distribution of resources. There should be less government-made industrial policies; otherwise, it is back to the planned economy.
Although the policies made by the Beijing government sound more like a guidance for the city's financial industry, the article insists that when it comes to such policies or plans, the less the better.
It says neither the Wall Street nor the Silicon Valley is a result of government planning. In fact, similar enterprises will naturally gather to a certain area driven by the rule of market economy. Therefore, whether or not Beijing can attract more financial giants is not the government's business, but those of the investors.
The article further explained that what industry is suitable for Beijing is decided by the market. Enterprises that have competitive abilities and profitable investment returns will stay.
The article argues it doesn't matter if Beijing can become an international financial hub or not. An art center may also be a good choice.
To sum things up, the paper says the government should serve as the helmsman, not the oarsman. Their responsibility is to properly manage the city, to create a favorable environment for all.
Under the same rule of game, the paper says, the winners will be the ones that suit Beijing the most.