Reforms will transform the city's economy
By Zhu Shenshen |
00:00 UTC+8 January 12, 2012
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Print Edition
Print Edition
SHANGHAI is to further finance and technology reform this year as the key effort in achieving economic transformation focusing on high-end services, Mayor Han Zheng said when he delivered the government's annual work report yesterday.
Among the steps will be the expansion of cross-border yuan transactions and a new insurance exchange, Han told the opening session of the Shanghai People's Congress.
An over-the-counter growth enterprise market in the Zhangjiang High-Tech Park in the Pudong New Area will also be developed, he said. This will help finance start-ups in their early stages or before they decide to list on the main board of stock exchanges via initial public offerings and encourage entrepreneurship, Han Zheng told the city's top legislative body.
This year, more than 10,000 new start-ups are expected to be founded in the city, Han said.
The mayor also said the city would develop some strategic industries including those involved in advanced manufacturing, bio-pharmaceuticals, new energy and new materials.
"Industrial restructuring and optimization drive a modern city forward," Han said. "For a mega city to achieve transformation, the key is to elevate its economy to a higher level through strategic industries."
Other pilot finance reform or improvements will continue in the city, including financial leasing, the International Trade Settlement Center and bond futures delivery.
A widely anticipated international board, however, was not mentioned in Han's report.
The city's information technology infrastructure will be greatly improved this year, Han said.
High-speed fiber optic broadband services will cover an additional 2 million families in the city to cover all downtown areas and provide bandwidth up to 30 megabytes per second, 5 to 15 times faster compared to the traditional broadband.
Through expansion and service improvements, Shanghai is endeavoring to make its broadband charges "one of the lowest" in Chinese mainland, Han told the meeting.
Meanwhile, the city is to push the development of Internet data centers and supercomputers.
Shanghai has established several new industrial zones, which are expected to fuel the development of new creative industries, such as Internet video, digital publishing and game sectors, Han added.
In 2011, new financial products launched in Shanghai included yuan-against-foreign currency exchange options, spot trades of yuan against the Australian and Canadian dollars in the interbank market and lead futures.
The cross-border yuan trade settlement amounted to 300 billion yuan (US$47.6 billion).
By the end of 2011, a total of 2.8 million families had access to fiber optic broadband services.
Among the steps will be the expansion of cross-border yuan transactions and a new insurance exchange, Han told the opening session of the Shanghai People's Congress.
An over-the-counter growth enterprise market in the Zhangjiang High-Tech Park in the Pudong New Area will also be developed, he said. This will help finance start-ups in their early stages or before they decide to list on the main board of stock exchanges via initial public offerings and encourage entrepreneurship, Han Zheng told the city's top legislative body.
This year, more than 10,000 new start-ups are expected to be founded in the city, Han said.
The mayor also said the city would develop some strategic industries including those involved in advanced manufacturing, bio-pharmaceuticals, new energy and new materials.
"Industrial restructuring and optimization drive a modern city forward," Han said. "For a mega city to achieve transformation, the key is to elevate its economy to a higher level through strategic industries."
Other pilot finance reform or improvements will continue in the city, including financial leasing, the International Trade Settlement Center and bond futures delivery.
A widely anticipated international board, however, was not mentioned in Han's report.
The city's information technology infrastructure will be greatly improved this year, Han said.
High-speed fiber optic broadband services will cover an additional 2 million families in the city to cover all downtown areas and provide bandwidth up to 30 megabytes per second, 5 to 15 times faster compared to the traditional broadband.
Through expansion and service improvements, Shanghai is endeavoring to make its broadband charges "one of the lowest" in Chinese mainland, Han told the meeting.
Meanwhile, the city is to push the development of Internet data centers and supercomputers.
Shanghai has established several new industrial zones, which are expected to fuel the development of new creative industries, such as Internet video, digital publishing and game sectors, Han added.
In 2011, new financial products launched in Shanghai included yuan-against-foreign currency exchange options, spot trades of yuan against the Australian and Canadian dollars in the interbank market and lead futures.
The cross-border yuan trade settlement amounted to 300 billion yuan (US$47.6 billion).
By the end of 2011, a total of 2.8 million families had access to fiber optic broadband services.
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