Tu calls for city to work with HK on becoming global center
By Wang Yanlin |
January 30, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S shifting of its economic structure demands faster development in its financial industry and the city should enhance collaboration with Hong Kong to accelerate its goal to be a global financial center, Vice Mayor Tu Guangshao said yesterday.
"Shanghai's financial industry has much space for improvement to meet the demand in Shanghai's shift" to a more advanced economy, Tu said during a meeting with Hong Kong, Macau and Taiwan members of the local committee of the Chinese People's Political Consultative Conference, the city's top advisory body.
Shanghai targets a major shift to become an economy powered by advanced manufacturing and services from the previous model which is driven by traditional manufacturing. It demands the financial industry to provide more support for innovation and give stronger assistance to start-up firms in strategic industries, Tu said.
He noted the city has been preparing to launch an international board, which allows overseas firms to float shares in the Shanghai stock market. But he did not reveal a timetable. Some members advised that authorities should enhance supervision over the international board.
Talking about the relationship with Hong Kong especially when Shanghai aims to become an international financial center, Tu said the need for collaboration is much larger than competition.
"Shanghai has too many things to learn from Hong Kong, and the two cities have complementary functions as a global financial center," Tu said. "We have different positioning, different target markets, and are in quite different stages of development."
The financial authorities of Shanghai and Hong Kong signed a memorandum of understanding last week to strengthen cooperation between the two cities, which will encourage financial institutions to set up branches in each other's city and train financial professionals jointly.
"Shanghai's financial industry has much space for improvement to meet the demand in Shanghai's shift" to a more advanced economy, Tu said during a meeting with Hong Kong, Macau and Taiwan members of the local committee of the Chinese People's Political Consultative Conference, the city's top advisory body.
Shanghai targets a major shift to become an economy powered by advanced manufacturing and services from the previous model which is driven by traditional manufacturing. It demands the financial industry to provide more support for innovation and give stronger assistance to start-up firms in strategic industries, Tu said.
He noted the city has been preparing to launch an international board, which allows overseas firms to float shares in the Shanghai stock market. But he did not reveal a timetable. Some members advised that authorities should enhance supervision over the international board.
Talking about the relationship with Hong Kong especially when Shanghai aims to become an international financial center, Tu said the need for collaboration is much larger than competition.
"Shanghai has too many things to learn from Hong Kong, and the two cities have complementary functions as a global financial center," Tu said. "We have different positioning, different target markets, and are in quite different stages of development."
The financial authorities of Shanghai and Hong Kong signed a memorandum of understanding last week to strengthen cooperation between the two cities, which will encourage financial institutions to set up branches in each other's city and train financial professionals jointly.
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