Others News
- Shanghai News
Date: 21-Sep-2007 Sources: (People's Daily)
Shanghai mayor Han Zheng said the difference between Shanghai, and famous international financial centers, lies in its lower level of market economy and internationalization; both of which have restricted the construction of a financial center. Therefore, Shanghai must accelerate the development of its market economy and internationalization process in order to achieve progress and breakthroughs.
Han Zheng made these remarks at a meeting on the promotion of international financial center construction in Shanghai. At the meeting, it was decided that in the following years, Shanghai will further promote innovation and opening up; complete a multilayer financial market system based on a capital market; increase spending on financial product innovation; and promote openness in the financial market.
Shanghai will also fully utilize the market mechanism; attract financial institutions such as famous investment banks at home and abroad to Shanghai; and lay a solid foundation for accelerating the establishment of a capital management center. In the meantime, it will also support local financial institutions to speed up the process of creating a market economy and internationalization.
Shanghai will also observe international practices and promote state-managed innovation.
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