BIZCHINA / Center
Shanghai unveils financial blueprint
By Zhang Yu (China Daily)
Updated: 2006-11-28 09:35
SHANGHAI: Shanghai has laid down ambitious plans to strengthen its
position as an international financial centre.
According to a blueprint unveiled yesterday for the 11th Five Year Plan
period (2006-10), the city will capture at least 25 percent of the
nation's funding business, including stocks and bonds.
The plan highlights four main elements in the development framework, the
first of which involves establishing a world-renowned financial market
system in which both domestic and foreign investors can participate.
By the end of 2010, Shanghai's monetary market is expected to have a
trading volume of 80 trillion yuan. At the end of October this year the
figure was 46 trillion yuan, and last year the figure was 34 trillion.
According to the blueprint, authorities also hope to build Shanghai
Futures Exchange Market into one of the world's top 10.
The second task is creating a diversified banking system in which both
domestic and foreign financial institutions with international
competitiveness can grow together.
By 2010, the deposit balance for Shanghai's banks will reach 4.5 trillion
yuan. The figure was 2.3 trillion yuan by the end of last year, according
to the National Bureau of Statistics.
Loan balance will reach 3.2 trillion yuan in 2010, jumping from last
year's more than 1.6 trillion yuan, according to reports by Xinhua News
Agency.
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(For more biz stories, please visit Industry Updates)
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