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Analysts said that the move is one of the greatest moves for financial market opening-up, and can have lasting, positive impact on China's financial market.

Ancient areas major attractions for visitors

An order that is placed for a stranger. [Photo/Dahe Daily]

An unrealistic target would push local governments to take aggressive stimulus measures, especially by promoting infrastructure investment. That could lead to a "flood" of monetary easing, and capital-intensive infrastructure investments would not be helpful for reducing unemployment in the short run, he said.

And ironically, depending on the criteria used, some of the benefits could go to Chinese-owned companies.