Shanghai on Way to Creating International Financial Center

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Last updated at: (Beijing Time) Thursday, August 08, 2002

Shanghai on Way to Creating International Financial Center

Statistics issued by the on-going Shanghai Financial Sector Conference show that the city has already become China's largest market for securities, insurance and foreign exchange. The country's national bank card center and gold exchange center are also based in the metropolis.

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Shanghai has finished building the framework for an international financial center after a decade.

Statistics issued by the on-going Shanghai Financial Sector Conference show that the city has already become China's largest market for securities, insurance and foreign exchange. The country's national bank card center and gold exchange center are also based in the metropolis.

Chen Liangyu, Shanghai's mayor, told the conference that it would take 10 to 20 years for the metropolis to create a global financial center.

Shanghai is China's vanguard for its opening up the financial sector. Over 51 foreign-funded insurance and banking businesses have set up in Shanghai, accounting for one third of the country'stotal foreign-funded financial companies.

The Shanghai municipal government aims to create a fair and equal social and market environment for the smooth operation of financial organizations in Shanghai.

The government will help the state-owned banks speed up comprehensive reforms through policy guidance and direction.

Nurturing and developing a mature and responsible market is thegovernment's main task, which includes building a foreign currencyinterbank exchange market, establishing a currency agent system and setting up a national commercial bills market.

The metropolis will also build a national research and development center for financial products, become an exemplary center for financial sector standards and discipline, as well as encourage more foreign banks to expand their business in Shanghai.

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