Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Shanghai's 5-year reform plan for firms
+ -
14:53, August 14, 2009

 Related News
 China's first rapid suburb railway begins construction in Shanghai
 Shanghai may become China's first city to ban smoking in public places
 First unsecured online financing launched in Shanghai
 Disney and Shanghai government reach agreement
 Disney yet to get nod for park in Shanghai
 Comment  Tell A Friend
 Print Format  Save Article
Shanghai unveiled a five-year plan to reform its locally-based state-owned financial companies to turn them into leading nationwide enterprises as the city aggressively transforms itself into a global financial hub by 2020.

The city has issued a guideline to propel reforms of local state-owned financial companies, said the Shanghai Financial Services Office on Thursday.

Shanghai will deepen reforms in state-owned financial institutions under its supervision to ensure they have ample capital, have strict internal risk controls, are strong innovators and are highly efficient.

The measures include reforming recruitment procedures at state-owned financial institutions. For most institutions, the senior management team, with the exception of top executives, should be hired in line with best market practices. The senior management's salary packages should be based on the market and be decided by the board of directors.

The reform process will cover 16 local state-owned financial companies with total assets of 2.45 trillion yuan (359 billion U.S. dollars).

Some institutions such as Shanghai Pudong Development Bank are locally supervised while Shanghai-based Bank of Communications is under the supervision of the central authorities.

Shanghai also encourages leading financial firms to set up business in the city through mergers and acquisitions.

The financial office supervises the state-owned financial assets on behalf of the local state-owned assets supervision and administration commission.

Source:Shanghai Daily





  Your Message:   Most Commented:
Is Washington playing a deeper game with China?
Being African among the curious Chinese
What does China contribute to the world?
25-year-old Norwegian singer, Michael Jackson's 4th son?
Does Japan put itself in China's place?

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90857/90860/6728459.pdf