Better financial regulatory model on city's agenda
By Hu Xiaocen |
August 8, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI is stepping up efforts to build a more market-oriented regulatory system for the financial industry as the city continues work on becoming a global financial hub.
The city government issued a white paper yesterday on Shanghai's existing legal environment for the financial industry, which offers a guide to investors, traders and financial consumers.
Shanghai pledged to build an effective legal environment that guarantees financial markets, manages and controls risks, stops illegal practices and combats crimes in the industry.
The paper said a consumer credit system that aligns with international standards, a regulatory framework that protects financial investors and consumers, as well as improved law and judicial environments are areas that need to be improved in order to build a world-class financial center.
"Shanghai has put enormous efforts in improving legislation, refining policies and optimizing services," Mayor Han Zheng wrote in the white paper.
"As a result, legal services for the financial sector have been promoted, the coordination of financial regulation improved, and the prevention and punishment of financial crimes strengthened, all of which have laid a solid foundation for Shanghai's financial center ambition."
The financial markets in Shanghai saw a total transaction value of 418 trillion yuan (US$65.6 trillion) in 2011, with direct financing of 2.88 trillion yuan.
The city hosted 1,136 financial institutions in 2011, among which around 400 companies are foreign invested.
The number of cases handled by the Shanghai Court of Financial Arbitration jumped to 450 in 2011 from 86 in 2010. Among 636 cases in the past four years, 6 percent have involved foreign companies or international commerce. Typical cases involve disputes over bank loans, insurance contracts and equity transfers, the white paper said.
The city government issued a white paper yesterday on Shanghai's existing legal environment for the financial industry, which offers a guide to investors, traders and financial consumers.
Shanghai pledged to build an effective legal environment that guarantees financial markets, manages and controls risks, stops illegal practices and combats crimes in the industry.
The paper said a consumer credit system that aligns with international standards, a regulatory framework that protects financial investors and consumers, as well as improved law and judicial environments are areas that need to be improved in order to build a world-class financial center.
"Shanghai has put enormous efforts in improving legislation, refining policies and optimizing services," Mayor Han Zheng wrote in the white paper.
"As a result, legal services for the financial sector have been promoted, the coordination of financial regulation improved, and the prevention and punishment of financial crimes strengthened, all of which have laid a solid foundation for Shanghai's financial center ambition."
The financial markets in Shanghai saw a total transaction value of 418 trillion yuan (US$65.6 trillion) in 2011, with direct financing of 2.88 trillion yuan.
The city hosted 1,136 financial institutions in 2011, among which around 400 companies are foreign invested.
The number of cases handled by the Shanghai Court of Financial Arbitration jumped to 450 in 2011 from 86 in 2010. Among 636 cases in the past four years, 6 percent have involved foreign companies or international commerce. Typical cases involve disputes over bank loans, insurance contracts and equity transfers, the white paper said.
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