Shanghai boosts global financial status
Monday 30 January 2012 - by Karina Whalley
The National Development and Reform Commission and the Shanghai city government released a 25-page report on Monday, identifying four areas on which to focus growth in China's most populous city.
Currently there are tight capital account controls exercised by Chinese authorities, restricting foreign investment on the SSE to those who have obtained quotas. The document says these quotas will be increased.
According to the report, the city government and the National Development and Reform Commission want to push the country's interbank bond market into the top three in the world within three years.
Shanghai also aims to boost its financial services industry, by doubling assets under management to RMB30tn (€3.6tn/$4.8tn) and enhance its competitiveness by aligning its taxation, legal and regulatory standards with international financial centres. The city also wants to see around 32 million financial professionals working in the sector by 2015.
The People's Bank of China said in April that the country will gradually reduce central government market interventions in an effort to expand, optimise and open up its financial market in its "go global" strategy.
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