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August 19, 2009

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Financial service office in Pudong to be bureau

THE financial office under the Pudong New Area government will be upgraded as part of Shanghai's efforts to better allocate financial resources in its drive to transform itself into a global financial hub by 2020.

The area's Financial Institutions Service Office will be upgraded into a bureau, said a notice posted on the Website of the city government.

Shi Haining, head of the service office and deputy head of Pudong's economic planning body, will be appointed as the director of the new bureau.

Pudong is home to most of Shanghai's financial institutions and is known for piloting several financial reforms such as trade settlement in yuan and the launch of consumer credit companies.


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