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May 19, 2011

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Taking stock of Shanghai's drive toward global hub

Foreign and domestic financial experts as well as regulators will speak and brainstorm at the fourth Lujiazui Forum to chart a path for Shanghai to take as it turns itself into a global financial center.

Zhou Xiaochuan, governor of the People's Bank of China, Liu Mingkang, chairman of the China Banking Regulatory Commission, Wu Dingfu, chairman of the China Insurance Regulatory Commission, Shang Fulin, chairman of the China Securities Regulatory Commission and vice finance minister Li Yong will speak at the forum tomorrow.

Overseas regulators, including from Singapore, the City of London and Hong Kong, will also share their ideas and expertise at the forum which opens today in Pudong New Area.

Experts from stock exchanges in New York, Nasdaq, Hong Kong, Taiwan, Morgan Stanley, Citibank and HSBC will be among the 800 guests taking part in the three-day event to be chaired by Shanghai Mayor Han Zheng and the CIRC's Wu.

The forum, whose theme this year is the financial system and its macro management in a new era, will hear experts discuss China's financial reform and economic development during the 12th Five-Year Plan period, the prospects of the world economy and its risk factors as well as reforming global financial regulations and the creation of a prudent macroeconomic policy framework.

The Shanghai Financial Climate Index will be released for the first time since the forum was first set up in 2008.

Fang Xinghai, head of the Shanghai Financial Services Office, said the city aims to build the forum into the most influential financial conference in China and a globally renowned event.

Benefitting from overseas experts' advice Shanghai has instituted rules to boost financial oversight, attract talent and improve its investment environment.

The State Council, or China's Cabinet, in April 2009 approved plans for Shanghai to transform itself into a financial and shipping hub by 2020.

Elsewhere, the Shanghai Futures Exchange will hold a two-day forum on derivative products from May 28.



Topics to be discussed during the Lujiazui Forum

? China's Financial Reform and Economic Development during the 12th Five-Year Plan Period

? The Prospects of the World Economy and Its Risk Factors

? Reforming Global Financial Regulation and the Creation of a Prudent Macro-economic Policy Framework

? New Opportunities for Shanghai to Become a Global Financial Center

? Monetary Policy, Price Level and Liquidity Management

? Facilitating and Accelerating the Yuan's Cross-Border Movements



 

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