A less visible, but even more dynamic recent phenomenon is global financial integration. Some decades ago, the realisation of investment projects depended largely on the availability of capital in the local economy. Meanwhile, both fund raising and investment occurs at an international level, which can be attributed mainly to the deregulation of capital movements.
I also find the timing for this new program for CESOs and CES eligibles quite auspicious. This is the first month of the year and, coincidentally, the celebration of the Chinese New Year – the beginning of the year of the Ox, one of the most hardworking and productive creatures on earth.