The value-added tax has been broadened and there has been some deregulation of interest rates. So there has been progress on a number of fronts. But, on the other hand, there is still some way to go to meet the goal of allowing market forces to play a decisive role in resource allocation.
Cross-border settlement of both debt securities and equities is now treated in the same way as domestic settlement, with harmonised conditions, making it easier and more cost-effective for investors and companies to buy and sell shares in other countries, for example.