Government Vows to Turn Shanghai into Intl Financial Center

Underscoring its aspiration and determination to turn Shanghai into one of its peers such as Hong Kong and London, the local government in the city is poised to take everything in its power.

Shortly after it set up special financial courts in Pudong and Huangpu districts lately, the government is scheduled to announce the establishment of the city-level financial court this Saturday.

Moreover, the Shanghai government is trying desperately to get more power from the Chinese government to encourage financial innovations.

The long-term strategy of the city shows that it will transform Shanghai into an international financial center and an international shipping hub by 2020.

To attract more financial talents, the city is set to lower individual income tax imposed on high executives at foreign financial institutions that have registered in Shanghai.

In addition, it is looking to enlarge the total area of the financial district in Lujiazui to 3.2 square kilometers from current 1.7 square kilometers.

Source: www.cnstock.com (June 26, 2009)

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