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Mayor vows to improve Shanghai's market mechanism
By Zhang Fengming |
October 30, 2011, Sunday
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Online Edition
Online Edition
Shanghai strives to grow its market mechanism with global influence through innovations and will open to the world's business as an efficient and transparent city, Mayor Han Zheng said today.
"The Shanghai government will step on to improve the market system and endeavor to offer a first-class environment to serve the market," Han told the 23rd International Business Leaders' Advisory Council for the Mayor of Shanghai meeting in the Expo Center this morning.
Shanghai will push forward the international board at the Shanghai Stock Exchange, bank on the internationalization of the local currency, and actively seek new factor markets to be established in the city, he said in a keynote speech.
Shanghai is already home to the country's major stocks market, China's sole exchange for bonds, currency, gold and financial derivatives.
The city aims to build up the Shanghai Stock Exchange as one of the world's top three bourses measured by market value and turnover by 2015. Currently, the bourse is the world's third largest in turnover and the sixth biggest in market value.
Big-name companies including HSBC, Allianze and Unilever have all expressed interests to sell shares at the long-anticipated international board.
The total financial market transaction value is expected to top 1,000 trillion yuan (US$156 trillion) by 2015, up from 2010's 380 trillion yuan, the mayor said.
In building up a business-friendly environment, the city doesn't stop at improving its urban infrastructure, going transparent in government administration and guiding a fair and regulated market, he said.
Shanghai aims to become one of the places whose administration is "most efficient, most transparent with lowest administrative charges" in China, Han said.
The city has invested more than 1.5 trillion yuan in the past two decades to improve its urban infrastructure that is also key to build up an efficient, open and easy-to-access market infrastructure, he said.
Shanghai will fully leverage the market's role in making better use of resources and the city respect the role of market in ruling and supervision of the market. Government will act as a serious regulator to wipe out unfair competition and those hurt interests of consumers, the mayor said.
The city will keep a firm hand in ensuring food safety and punishing those who dare to cross the line as the city aims to be "one of the cities that boast safest foods in China," as a showcase for a regulated market, he said.
Shanghai is stepping forward to a market economy and shedding its previous planned economy growth model in accordance with its prosperous markets.
So far, 74 Fortune 500 companies have set up their regional headquarters in the city, while 21 overseas banks have based their China subsidiary in Shanghai.
Accumulated foreign direct investment has totaled more than US$100 billion by the end of 2010.
Today, more than 500 Chinese and overseas delegates including members of IBLAC, consul generals, senior government officials, heads of state-owned companies and top private firms took part in the 23rd IBLAC forum at the Expo Center.
The IBLAC forum was initiated in 1989 by Zhu Rongji, then Shanghai's mayor who later became China's Premier.
Zhu envisioned it as a platform for the world's top business leaders to provide strategic advice on Shanghai's development and the challenges ahead.
The council has grown into an international think tank for Shanghai's mayor.
It started with 12 members from seven countries, and has grown to 50 members from 16 countries. They come from various industries including finance, manufacturing, pharmaceuticals and retail.
"The Shanghai government will step on to improve the market system and endeavor to offer a first-class environment to serve the market," Han told the 23rd International Business Leaders' Advisory Council for the Mayor of Shanghai meeting in the Expo Center this morning.
Shanghai will push forward the international board at the Shanghai Stock Exchange, bank on the internationalization of the local currency, and actively seek new factor markets to be established in the city, he said in a keynote speech.
Shanghai is already home to the country's major stocks market, China's sole exchange for bonds, currency, gold and financial derivatives.
The city aims to build up the Shanghai Stock Exchange as one of the world's top three bourses measured by market value and turnover by 2015. Currently, the bourse is the world's third largest in turnover and the sixth biggest in market value.
Big-name companies including HSBC, Allianze and Unilever have all expressed interests to sell shares at the long-anticipated international board.
The total financial market transaction value is expected to top 1,000 trillion yuan (US$156 trillion) by 2015, up from 2010's 380 trillion yuan, the mayor said.
In building up a business-friendly environment, the city doesn't stop at improving its urban infrastructure, going transparent in government administration and guiding a fair and regulated market, he said.
Shanghai aims to become one of the places whose administration is "most efficient, most transparent with lowest administrative charges" in China, Han said.
The city has invested more than 1.5 trillion yuan in the past two decades to improve its urban infrastructure that is also key to build up an efficient, open and easy-to-access market infrastructure, he said.
Shanghai will fully leverage the market's role in making better use of resources and the city respect the role of market in ruling and supervision of the market. Government will act as a serious regulator to wipe out unfair competition and those hurt interests of consumers, the mayor said.
The city will keep a firm hand in ensuring food safety and punishing those who dare to cross the line as the city aims to be "one of the cities that boast safest foods in China," as a showcase for a regulated market, he said.
Shanghai is stepping forward to a market economy and shedding its previous planned economy growth model in accordance with its prosperous markets.
So far, 74 Fortune 500 companies have set up their regional headquarters in the city, while 21 overseas banks have based their China subsidiary in Shanghai.
Accumulated foreign direct investment has totaled more than US$100 billion by the end of 2010.
Today, more than 500 Chinese and overseas delegates including members of IBLAC, consul generals, senior government officials, heads of state-owned companies and top private firms took part in the 23rd IBLAC forum at the Expo Center.
The IBLAC forum was initiated in 1989 by Zhu Rongji, then Shanghai's mayor who later became China's Premier.
Zhu envisioned it as a platform for the world's top business leaders to provide strategic advice on Shanghai's development and the challenges ahead.
The council has grown into an international think tank for Shanghai's mayor.
It started with 12 members from seven countries, and has grown to 50 members from 16 countries. They come from various industries including finance, manufacturing, pharmaceuticals and retail.
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