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City's global hub goal on track
By Zhang Fengming |
February 17, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI has identified 123 major projects this year to help the city push ahead to become a leading global financial center by 2020, with the possible launch of an international board in 2011.
Vice Mayor Tu Guangshao, who supervises the city's financial industry, presented the projects at a city-level meeting in Shanghai yesterday.
Preparations for the long-awaited international board are well under way, and hopefully the board can debut this year. Companies such as HSBC and Unilever have signaled they are keen to list on the board by selling yuan-backed shares to fuel their growth.
Fang Xinghai, head of the Shanghai Financial Services Office told Shanghai Daily in January that he hopes the international board will begin trading this year on the Shanghai Stock Exchange as the city "wants to attract the best companies in the world to go public here."
Another proposal to set up an insurance exchange has been submitted to the State Council for consideration.
Shanghai is also keen to allow its residents to invest overseas directly.
Residents in Wenzhou in nearby Zhejiang Province are allowed to invest up to US$3 million in any single investment abroad, capped at an aggregate US$200 million annually. They can convert their yuan into foreign exchange or use their foreign exchange assets to invest.
Shanghai is also aiming for trading in trust products to be launched this year.
The yuan settlement in cross-border trade is expected to break the psychologically important 100 billion yuan (US$15 billion) level by March since the program was started as a trial in Shanghai in mid-2009 when China relaxed restrictions on the use of the yuan for cross-border trade.
The number of Chinese mainland companies authorized to settle export accounts in yuan rose from 365 at the start of the program to 67,359 at the end of 2010.
Vice Mayor Tu Guangshao, who supervises the city's financial industry, presented the projects at a city-level meeting in Shanghai yesterday.
Preparations for the long-awaited international board are well under way, and hopefully the board can debut this year. Companies such as HSBC and Unilever have signaled they are keen to list on the board by selling yuan-backed shares to fuel their growth.
Fang Xinghai, head of the Shanghai Financial Services Office told Shanghai Daily in January that he hopes the international board will begin trading this year on the Shanghai Stock Exchange as the city "wants to attract the best companies in the world to go public here."
Another proposal to set up an insurance exchange has been submitted to the State Council for consideration.
Shanghai is also keen to allow its residents to invest overseas directly.
Residents in Wenzhou in nearby Zhejiang Province are allowed to invest up to US$3 million in any single investment abroad, capped at an aggregate US$200 million annually. They can convert their yuan into foreign exchange or use their foreign exchange assets to invest.
Shanghai is also aiming for trading in trust products to be launched this year.
The yuan settlement in cross-border trade is expected to break the psychologically important 100 billion yuan (US$15 billion) level by March since the program was started as a trial in Shanghai in mid-2009 when China relaxed restrictions on the use of the yuan for cross-border trade.
The number of Chinese mainland companies authorized to settle export accounts in yuan rose from 365 at the start of the program to 67,359 at the end of 2010.
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