As Shanghai's once-vaunted free trade zone limps towards its second birthday, all those still paying attention ask the same question: what can you do there?
Ask 10 people what is allowed and you will hear five different answers. The other half will say "nothing".
Thousands of companies flocked to register in the FTZ in the weeks around its launch. Foreign lenders such as HSBC and Deutsche Bank opened branches before it was clear what policies would actually allow. Real estate prices soared, along with a dozen or so "concept stocks".
Much of the hype around the zone two years ago was down to timing. Premier Li Keqiang spoke at the opening ceremony in September 2013 just six weeks before a Communist party meeting at which leaders endorsed an ambitious and well-flagged plan for market reform.
Financial reform advocates touted the zone as a laboratory to test deregulation of China's interest rates, currency and cross-border fund flows. But with authorities now grappling with capital outflows and a depreciating currency, they appear reluctant to push ahead with measures that would enable even greater outflows.
Instead, the list of achievements of Shen Xiaoming, chairman of the zone's administrative committee, is more mundane.
"What can we do that other people can't do? I can summarise in five parts," he says at the Pudong district government headquarters. He goes on to say the zone is focused on administrative reform and cutting red tape, especially for customs, logistics, shipping and professional services such as education and law.
As Mr Shen and other officials look on, Bingbing Feng, China general manager at US Pharmacopeial Convention, a non-profit group that sets quality and safety standards for medicines and food, praised the zone's efforts.
"We've benefited a lot from their customs clearing policies. In the past, it took us three to four weeks to import research materials to our facility. With the free trade zone's new policies in place, it takes several days," he said.
The Shanghai government has arranged at least three events this month to promote the zone to foreign journalists. But the reforms are unlikely to be enough to persuade foreign investors who complain of slow progress on market liberalisation.
The zone can claim a few achievements. A party leadership group said last week that the country would expand use of the "negative list" approach to regulating foreign direct investment first tested in the zone.
The list specifies industries that are prohibited to foreigners — 122 in the 2015 version, down from 190 in 2013 — with all others assumed to be fully open, with no approvals required. That contrasts with the rest of China, which is governed by a foreign investment catalogue dividing the economy into "encouraged", "restricted" or "prohibited" sectors. Even encouraged sectors require approvals that can take months.
Yet some of the opportunities hold scant appeal for foreign investors. Mr Shen noted that 37 service industries and 17 manufacturing industries were permitted in the zone but not elsewhere in China. He did not provide a complete list, but acknowledged that no foreign company had yet taken advantage of newfound freedom to enter the green-tea processing industry.