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December 11, 2009

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Call for innovation in financial legislation

SHANGHAI needs to innovate its legislation or improve existing laws and rules in order to ensure that the city is up to the mark as it embarks on its ambition to transform itself into a global financial hub by 2020, the head of the city's financial office said.

"Shanghai should be more innovative in local legislation to improve the environment of the financial industry as the city is going all out to be a major global financial center," Fang Xinghai, director of the Shanghai Financial Services Office, said yesterday at the 3rd Lujiazui Financial Culture Festival in the city.

Fang said Shanghai can set up a system to protect consumers of financial products as more disputes are expected to rise when the market is developing. The city can also learn from the experiences of other nations before it introduces legislation and rules to cover such disputes, he added.

Disputes on banks' credit card business, individual mortgages and life insurance products are increasing as more financial products are offered to consumers.

Trial programs such as the cross-border settlement in yuan, which has been earmarked by the State Council, have already been rolled out in the city to turn itself into a global financial and shipping center by 2020.

Gu Gonggeng, deputy principal of the East China University of Political Science and Law, said more efforts should be encouraged to nurture dominant financial holding companies in Shanghai to boost the city's influence in the global financial industry.


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