Shanghai Aims to Become Int'l Financial Center: Mayor

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Last updated at: (Beijing Time) Tuesday, August 06, 2002

Shanghai Aims to Become Int'l Financial Center: Mayor

Shanghai Municipality, east China,has become the national financial hub and is trying to become an international financial center, said Mayor Chen Liangyu Monday.

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Shanghai Municipality, east China,has become the national financial hub and is trying to become an international financial center, said Mayor Chen Liangyu Monday.

Chen told the opening of the city's working conference on finance that local banks had a total of 1.23 trillion yuan (140 billion US dollars) in assets. By the end of June, the outstandingdeposits and loans of these banks stood at 920 billion yuan (110 billion dollars) and 680 billion yuan (80 billion dollars), respectively, he said.

In 2001, the financial sector accounted for 13.8 percent of thecity's gross domestic product, compared with 10 percent in 1995.

Shanghai banks lead the country in major indexes of performances, according to statistics.

In securities, the Shanghai Stock Exchange (SSE), the first of the two bourses in China, has listed 675 companies and raised 410 billion yuan (50 billion dollars), since it was established 12 years ago.

The capitalization of Shanghai's stock market has risen to 3.1 trillion yuan (373 billion dollars), against three billion yuan (375 million dollars) at the beginning. The SSE ranks 13th among over 200 bourses around the world in terms of capitalization, following the stock exchanges of Tokyo and Hong Kong.

In recent years, Shanghai has become the national center of funds distribution, and leads the formation of national capital markets, including the interbank loans market, the bond market, and the foreign exchange market.

Many Chinese banks, securities companies and fund management companies have set up their headquarters in Shanghai or moved to the city from other parts of the country.

Chinese-funded banks in Shanghai make up six percent of the country's total in terms of deposits, loans and assets, while overseas-funded banks in the city accounted for over 50 percent ofthe country's total regarding their deposits, loans and assets.

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