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 | Monday, May 01, 2000, updated at 14:11(GMT+8) | ||||||||||||
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Pudong Turns into Trade CenterAfter ten years of development, Pudong has become a major trade center in China.The central government has recently approved the establishment of the Shanghai Diamond Exchange in Pudong. The Exchange, located in China's highest building Jinmao Tower, is expected to go into operation this year. Pudong, on the eastern bank of Shanghai's Huangpu River, has already set up a securities exchange, property rights, futures and real estate markets with nationwide influence. China began developing Pudong on April 18, 1990 in a drive to reinvigorate Shanghai as an international trade and financial center. The Shanghai Securities Exchange has 22 million shareholders. By the end of last year, 525 stocks were listed with a total market value of 1,458 billion yuan (about 175.7 billion U.S. dollars). Last May, Shanghai metals, commodities, and oil and cereals exchanges merged into the Shanghai Futures Exchange. With more than 200 members, it is now one of the three major futures exchange in China, dealing with copper, aluminum and rubber. Transactions at the exchange have been stable, brisk. The Shanghai Personnel Market has attracted hundreds of thousands of talented professionals. Earlier this year, the market opened a Center for people willing to go to take part in the campaign of developing impoverished areas in west China. Thousands have already registered. As China continues to carry out housing reforms, local residents are now allowed to sell their houses at the Shanghai Real Estate Trade Center. At the same time, tens of thousands of foreigners have purchased apartments in Shanghai. Economists are paying close attention to information released by the Center, as it is an important barometer for China's economy. All of the above-mentioned marketing places are located in the Lujiazui Financial and Trade Center in the heart of Pudong. Lujiazui, with nearly 100 financial institutions in China and overseas is dubbed "China's Wall Street."
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