Shanghai to reform state firms in finance
By Zhang Fengming |
March 27, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI will speed up the reform of city-based state-owned financial institutions and encourage them to bolster capital for strategic development.
Shanghai has created a five-year plan to reform the companies into firms with a national reach as the city continues to develop into a global financial hub.
The Shanghai Financial Services Office signed a deal earlier this year with the local state-owned assets regulatory body to take responsibility for accelerating the development of financial institutions.
"We've set up a designated team to push forward the reforms and will give a green light at the right time," Tu Guangshao, the city's vice mayor, said yesterday.
The move involves 16 local state-owned financial companies with total assets of 3.16 trillion yuan (US$463 billion) as of the end of 2009.
The 16 companies, including banks, insurers, securities firms and fund management companies, had a combined net profit of 42.5 billion yuan last year, up 41.7 percent from 2008.
Shanghai will deepen reforms to ensure the firms have ample capital, strict internal risk controls, strong innovative capabilities and high efficiency.
Fang Xinghai, head of the Shanghai Financial Services Office, said the companies will be encouraged to strengthen capital through various means.
This will likely include listing on stock exchanges.
Shanghai has created a five-year plan to reform the companies into firms with a national reach as the city continues to develop into a global financial hub.
The Shanghai Financial Services Office signed a deal earlier this year with the local state-owned assets regulatory body to take responsibility for accelerating the development of financial institutions.
"We've set up a designated team to push forward the reforms and will give a green light at the right time," Tu Guangshao, the city's vice mayor, said yesterday.
The move involves 16 local state-owned financial companies with total assets of 3.16 trillion yuan (US$463 billion) as of the end of 2009.
The 16 companies, including banks, insurers, securities firms and fund management companies, had a combined net profit of 42.5 billion yuan last year, up 41.7 percent from 2008.
Shanghai will deepen reforms to ensure the firms have ample capital, strict internal risk controls, strong innovative capabilities and high efficiency.
Fang Xinghai, head of the Shanghai Financial Services Office, said the companies will be encouraged to strengthen capital through various means.
This will likely include listing on stock exchanges.
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