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Wan LixinOpinion deputy editor of Shanghai Daily
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Vice Mayor outlines steps towards city's financial future
By Leo Zhang and Zhang Fengming |
May 16, 2009, Saturday
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Online Edition
Online Edition
SHANGHAI will step up efforts to lure more talents, beef up construction of its legal system and improve its credit database to develop a global financial center, vice Mayor Tu Guangshao said today.
The city will also let its financial markets and institutions play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai.
"To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules drafting and coordination. We also need financial markets and companies to make contributions."
Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said.
The city should also have a solid financial legal system and the municipal government is acting to improve the arbitrary, hearing and verdict processes of financial cases, he said.
Tu added that the local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate their fund raising, Tu said.
Xu Lin, Party Secretary of the Pudong New Area, told the forum that the district will shore up preparation for financial innovation, including the set-up of an over-the-counter equity exchange for start-up technology firms.
Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of consumer durables such as home appliance and electronics.
Xu also noted that Pudong will rev up developing financial services for the shipping industry as China aims at building Shanghai into an international financial and shipping hub by 2020.
"The district will encourage capital of various sources to help innovation and industry upgrade," Xu said. "More credit support will be given to small companies in terms of innovation."
The city will also let its financial markets and institutions play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai.
"To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules drafting and coordination. We also need financial markets and companies to make contributions."
Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said.
The city should also have a solid financial legal system and the municipal government is acting to improve the arbitrary, hearing and verdict processes of financial cases, he said.
Tu added that the local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate their fund raising, Tu said.
Xu Lin, Party Secretary of the Pudong New Area, told the forum that the district will shore up preparation for financial innovation, including the set-up of an over-the-counter equity exchange for start-up technology firms.
Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of consumer durables such as home appliance and electronics.
Xu also noted that Pudong will rev up developing financial services for the shipping industry as China aims at building Shanghai into an international financial and shipping hub by 2020.
"The district will encourage capital of various sources to help innovation and industry upgrade," Xu said. "More credit support will be given to small companies in terms of innovation."
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