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Top financial minds to fuel hub ambition

THE two-day Lujiazui Forum will open today in Pudong New Area and the high-level event will hear speeches by both foreign and domestic financial experts and regulators.

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 and Shang Fulin, chairman of the China Securities Regulatory Commission will deliver speeches at the forum today.

Economists such as Nobel Laureate Joseph E. Stiglitz and Stanford University's Ronald McKinnon will also deliver speeches at the forum.

The topics to be discussed include an analytical reading of the financial crisis and the lesson for China as well as how Shanghai can take advantage of the crisis to build up its global position within a new global financial order.

The first Lujiazui Forum was held in May last year and at that time the city government invited many foreign financial experts and scholars to form an International Consultation Committee to provide advice to help the city develop into a financial center.

Shanghai Mayor Han Zheng told members of the committee yesterday that the city has already benefited from overseas experts' advice and is drafting rules to boost financial oversight, attract talent and improve its investment environment.

"The Shanghai government will offer a better environment in terms of supervision, legal systems and innovation," Han said.

"We will make Shanghai a stage for all kinds of financial institutions and talents."

The forum will also discuss alternative investments and China's commodities market.

"This year's forum will touch topics such as how to learn from the financial crisis," said Fang Xinghai, director of the Shanghai Financial Services Office.

"The development of the financial industry can't stand alone and it should grow to boost the real economy," Fang said.

"We are learning from others' lessons and work to strengthen our financial industry to better serve the macroeconomy."

The forum is co-hosted by the city government, the PBOC, the CBRC, the CSRC and the CIRC.

This year's forum attracted more than 300 government officials, financial leaders and scholars to discuss finance and economic growth in the globalized age.

The State Council, or China's Cabinet, has approved plans for Shanghai to push ahead to become a financial and shipping hub by 2020.

Some topics to be discussed during the Lujiazui Forum 2009

China's economic and financial situation and policies

Prospects for China's financial markets

Global economic and financial markets' prospects

Alternative investments after the financial crisis

Win-Win financial cooperation between Shanghai and Taiwan

Development of gold and commodity markets in the global economic crisis

Shanghai international financial center: opportunities and challenges in the new global financial order

Roles of financial markets in technological innovation and the development of small and medium enterprises

Industrial revitalization and financial services

Financial regulation: new thinking


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