Pacts to help Shanghai's hub goal inked
By Liang Yiwen and Maggie Zhang |
00:02 UTC+8 July 15, 2011
|
Print Edition
Print Edition
SHANGHAI and the China Development Bank, a major policy lender, agreed yesterday to cooperate strategically to boost the city's development into a global financial center.
A new think-tank, Shanghai Finance Institute, was also set up yesterday in the city to encourage innovation and offer insight to the city as it embarks on its goal to build up its financial expertise.
The Beijing-based policy bank yesterday also signed separate strategic cooperation pacts with Pudong New Area and three investment companies under the city government - Shanghai Chengtou Corp, Shanghai Shendi Group Co Ltd and Shanghai Guosheng (Group) Co.
Chengtou, which builds and operates the city's infrastructure facilities, secured a credit line of 60 billion yuan (US$9.2 billion) for the 12th Five-Year Plan which ends in 2015 from the policy bank. The company will use the money to build affordable homes, water, roads, tunnels and bridges under the city's urban development plans.
The bank had provided Chengtou with 40 billion yuan over the previous five years that ended in 2010.
Shanghai Shendi, which was set up for Shanghai's coming Disneyland, the first Disneyland theme park on Chinese mainland, will also receive capital from the bank.
The Shanghai Finance Institute, based in Huangpu District, was set up to tap advice and wisdom to help the city transform itself into a global hub. Chen Yuan, chairman of the policy bank, will head the institute's advisory committee.
Fund management companies, consultants and law firms will be based in the Bund in Huangpu in Puxi while Lujiazui, on the other side of the Huangpu River in Pudong, will be the financial district comprising banks, insurers and securities companies.
A new think-tank, Shanghai Finance Institute, was also set up yesterday in the city to encourage innovation and offer insight to the city as it embarks on its goal to build up its financial expertise.
The Beijing-based policy bank yesterday also signed separate strategic cooperation pacts with Pudong New Area and three investment companies under the city government - Shanghai Chengtou Corp, Shanghai Shendi Group Co Ltd and Shanghai Guosheng (Group) Co.
Chengtou, which builds and operates the city's infrastructure facilities, secured a credit line of 60 billion yuan (US$9.2 billion) for the 12th Five-Year Plan which ends in 2015 from the policy bank. The company will use the money to build affordable homes, water, roads, tunnels and bridges under the city's urban development plans.
The bank had provided Chengtou with 40 billion yuan over the previous five years that ended in 2010.
Shanghai Shendi, which was set up for Shanghai's coming Disneyland, the first Disneyland theme park on Chinese mainland, will also receive capital from the bank.
The Shanghai Finance Institute, based in Huangpu District, was set up to tap advice and wisdom to help the city transform itself into a global hub. Chen Yuan, chairman of the policy bank, will head the institute's advisory committee.
Fund management companies, consultants and law firms will be based in the Bund in Huangpu in Puxi while Lujiazui, on the other side of the Huangpu River in Pudong, will be the financial district comprising banks, insurers and securities companies.
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