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September 11, 2009

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Home » Business » Economy

City seeks to learn and embrace on path to hub

SHANGHAI will learn from experts and professionals in leading financial hubs as it charts its path to emerge as a global financial center, Mayor Han Zheng said yesterday.

The city will also take into account lessons learnt from the global financial crisis, Han said.

Shanghai's rise as a global financial center is a national strategy and the city alone can't achieve the aim without the support of the central government, Han said during a meeting with British Business Secretary Peter Mandelson yesterday in Shanghai.

Shanghai will open its arms to learn and embrace the expertise and lessons from existing financial centers such as the City of London and New York as it embarks on its own journey to be one, Han said.

Shanghai will also learn from the global financial meltdown and avoid the mistakes that triggered the crisis such as over-leveraging and over-reliance on credit, Han said.

Mandelson said Britain is willing to contribute and share its expertise with Shanghai.


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