Center
Shanghai unveils financial blueprint
By Zhang Yu (China Daily)
Updated: 2006-11-28 09:35
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The third task is building a trading centre for innovative financial products to meet China's economic development needs.
According to the plan, Shanghai will greatly encourage financial reform such as Internet banking and securities.
By 2010, more than 70 per cent of stores in the city will be able to handle banking card consumption, up from about 50 per cent last year. Banking card consumption will account for more than 40 per cent of the total retail sales in 2010, while it was 32 per cent in 2005, Xinhua reported.
The fourth major task is ensuring a healthy regulatory environment that complies with internationally accepted standards
Experts agree that Shanghai needs to take steps to develop its financial markets.
"The percentage of funds raised directly in the capital market is small compared to bank borrowings," said Gao Yuan, a stock analyst at Guangda Securities. "It's very necessary for China and Shanghai to develop the capital market to meet the demand for development funds of rapidly-expanding enterprises."
"The building of Shanghai as an international financial centre does not start from today. It began years ago," said Cao Xiao, a professor of financing at Shanghai University of Finance and Economics.
"Shanghai has undergone years of preparation for this objective and now everything is almost ready" Cao added. "Shanghai will very likely become an international financial centre with its focus on the trading of Renminbi products."
(US$1=7.8 yuan)
According to the plan, Shanghai will greatly encourage financial reform such as Internet banking and securities.
By 2010, more than 70 per cent of stores in the city will be able to handle banking card consumption, up from about 50 per cent last year. Banking card consumption will account for more than 40 per cent of the total retail sales in 2010, while it was 32 per cent in 2005, Xinhua reported.
The fourth major task is ensuring a healthy regulatory environment that complies with internationally accepted standards
Experts agree that Shanghai needs to take steps to develop its financial markets.
"The percentage of funds raised directly in the capital market is small compared to bank borrowings," said Gao Yuan, a stock analyst at Guangda Securities. "It's very necessary for China and Shanghai to develop the capital market to meet the demand for development funds of rapidly-expanding enterprises."
"The building of Shanghai as an international financial centre does not start from today. It began years ago," said Cao Xiao, a professor of financing at Shanghai University of Finance and Economics.
"Shanghai has undergone years of preparation for this objective and now everything is almost ready" Cao added. "Shanghai will very likely become an international financial centre with its focus on the trading of Renminbi products."
(US$1=7.8 yuan)
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