This article attempts to provide a review of the la- test development of China's economic zones, assessing their achievements in terms of the attraction of foreign capital, export growth and foreign exchange earnings and technology transfer. Reforms and innovative measures initiated in the zones that have implications for other parts of China are also discussed. Problems encountered in the course of SEZ development are ex- amined, noting in particular the heavy capital expenditure on in- frastructure provision, the development of a trade-based econo- my (instead of one based on industrial production), the over-am- bitious objectives which would be difficult to achieve in a short period of time as well as other economic and social issues. It is observed that the development of the SEZs has been proceeding without careful and coordinated planning and that the designa- tion of economic development zones in the open coastal cities stands to undercut the allures of the SEZs and has made the latter much less special than they used to be.