Not let-up in global hub goal
By Zhang Fengming |
July 28, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI has unveiled programs to encourage more inflow and outflow of yuan-denominated investments as it embarks on its goal to transform itself into a financial and shipping hub, participants at a high-profile conference heard yesterday.
A more sophisticated financial market, a currency with a more global influence, the launch of innovative financial products and enhancing the city as a magnet to financial institutions are some of the avenues Shanghai has undertaken as it strengthens the city's influence in the financial industry in the coming years, participants were told .
Shanghai, which once relied heavily on low-end manufacturing and exports, is shifting gears to build up its advanced manufacturing industry and modern services, focusing on finance and shipping.
Shanghai also plans more cooperation between the financial and shipping industries.
"We will focus on the coordination between the two industries to build up the city's financial and shipping capacity," said Shanghai Mayor Han Zheng yesterday at the conference which was also attended by senior city officials, including Vice Mayor Tu Guangshao, who is in charge of the financial industry in the city.
"We will also keep in mind that corporations and institutions are the main players in building up Shanghai's position as a global financial and shipping center, and we will go all out to serve them, help them solve their difficulties and create a better operating environment," he added.
A more global yuan and a more open market are also high on Shanghai's priority list. A mechanism to facilitate the repatriating of the yuan is also being studied as Shanghai supports the return of yuan-backed capital raised overseas to invest in the local capital market.
Shanghai will quicken its work for the launch of cross-border exchange traded fund products on the Shanghai Stock Exchange. The city will also expand channels for outbound yuan-backed investments such as setting up a yuan-backed fund for overseas investments and loans.
Shanghai is studying a tax incentive to encourage financial innovation, a trial to offer a favorable tax policy to encourage pension fund purchases this year, crude oil futures and financial derivatives.
A more sophisticated financial market, a currency with a more global influence, the launch of innovative financial products and enhancing the city as a magnet to financial institutions are some of the avenues Shanghai has undertaken as it strengthens the city's influence in the financial industry in the coming years, participants were told .
Shanghai, which once relied heavily on low-end manufacturing and exports, is shifting gears to build up its advanced manufacturing industry and modern services, focusing on finance and shipping.
Shanghai also plans more cooperation between the financial and shipping industries.
"We will focus on the coordination between the two industries to build up the city's financial and shipping capacity," said Shanghai Mayor Han Zheng yesterday at the conference which was also attended by senior city officials, including Vice Mayor Tu Guangshao, who is in charge of the financial industry in the city.
"We will also keep in mind that corporations and institutions are the main players in building up Shanghai's position as a global financial and shipping center, and we will go all out to serve them, help them solve their difficulties and create a better operating environment," he added.
A more global yuan and a more open market are also high on Shanghai's priority list. A mechanism to facilitate the repatriating of the yuan is also being studied as Shanghai supports the return of yuan-backed capital raised overseas to invest in the local capital market.
Shanghai will quicken its work for the launch of cross-border exchange traded fund products on the Shanghai Stock Exchange. The city will also expand channels for outbound yuan-backed investments such as setting up a yuan-backed fund for overseas investments and loans.
Shanghai is studying a tax incentive to encourage financial innovation, a trial to offer a favorable tax policy to encourage pension fund purchases this year, crude oil futures and financial derivatives.
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