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Finance hub rules to be accelerated

LAWMAKERS in Shanghai are working on more detailed implementation rules to speed up the implementation of Shanghai as an international financial hub, local lawmakers said today.

The city level guidelines on turning Shanghai into a global financial hub will take effect from August 1, including establishing funds to boost the financial industry.

The guidelines, passed by the Standing Committee of the Shanghai Municipal People's Congress on June 25, outline the principles and practical regulations for the implementation are being studied to make the local guidelines easy to introduce.

Wu Hong, from the East China University of Political Science and Law and a local lawmaker, said detailed implementation rules on Shanghai's financial development fund, the fund designed to attract talents and boost innovation, will be the first to be launched.

He declined to suggest a deadline.

Shanghai was given the go-ahead from the State Council to go all out for innovation on a trial basis with national guidelines to turn the city into a major financial and shipping hub by 2020.

Shanghai is already China's financial hub, home to the country's largest stock market, its major futures market for metals and energy, its gold bourse and the foreign exchange center.

Lujiazui Area in Pudong New Area and the Bund, which used to be the financial hub of the Far East in the 1930s, are emerging as headquarters for big name financial institutions in China.


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