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Soft infrastructure essential for Shanghai's economic goal
By Maggie Zhang |
June 4, 2009, Thursday
|
Print Edition
Print Edition
SHANGHAI needs to improve education, attract more global players and financial talent to become a global financial center, experts from the City of London said yesterday while visiting the city.
The City of London delegation, led by Lord Mayor Ian Luder, said Shanghai needs to improve daily dialogue between market practitioners and regulators, attract financial talent and improve financial training to help the city's soft infrastructure.
"Building physical infrastructure is an easy task. However, the real key issue is to build the character of the location," Luder said.
The soft issues, such as how to help overseas professionals feel at home in Shanghai, are the hardest ones, he said.
"To make Shanghai one step closer in becoming a truly international financial center, China needs to fill the skills gap and will need to increase its range of financial products," Luder said. "I look forward to continuing the dialogue and partnership with the Shanghai authorities during my visit."
The State Council earlier this year announced state-level guidelines to build Shanghai into a global financial and shipping center by 2020.
Shanghai ranks No.35 in the Global Financial Centers Index, while London takes the leading position.
Pudong New Area has also taken steps to attract global financial players with preferential rental policies and financial support for senior financial executives.
Shanghai was the biggest financial hub in the Far East and the world's third-biggest financial center in the 1930s.
Shanghai and the City of London signed a memorandum of understanding on cooperation and exchange in 2007.
The City of London delegation, with more than 20 businessmen from the financial industry, first visited Beijing before arriving in Shanghai.
The City of London delegation, led by Lord Mayor Ian Luder, said Shanghai needs to improve daily dialogue between market practitioners and regulators, attract financial talent and improve financial training to help the city's soft infrastructure.
"Building physical infrastructure is an easy task. However, the real key issue is to build the character of the location," Luder said.
The soft issues, such as how to help overseas professionals feel at home in Shanghai, are the hardest ones, he said.
"To make Shanghai one step closer in becoming a truly international financial center, China needs to fill the skills gap and will need to increase its range of financial products," Luder said. "I look forward to continuing the dialogue and partnership with the Shanghai authorities during my visit."
The State Council earlier this year announced state-level guidelines to build Shanghai into a global financial and shipping center by 2020.
Shanghai ranks No.35 in the Global Financial Centers Index, while London takes the leading position.
Pudong New Area has also taken steps to attract global financial players with preferential rental policies and financial support for senior financial executives.
Shanghai was the biggest financial hub in the Far East and the world's third-biggest financial center in the 1930s.
Shanghai and the City of London signed a memorandum of understanding on cooperation and exchange in 2007.
The City of London delegation, with more than 20 businessmen from the financial industry, first visited Beijing before arriving in Shanghai.
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