by Zou
State Department yesterday released construction of the Shanghai international financial and shipping centers (referred to as the "views"), including the expansion of Shanghai's financial markets open to foreign investment, foreign enterprises to promote the territory proposed to issue renminbi-denominated bonds, Renminbi stocks.
The agent incisive out that in 2020 Shanghai into an global fiscal center supported on the objectives of the method of internationalization of the yuan and RMB said the direct cross-border community can be started in the close to future.
State Department's "opinions", the financial center of Shanghai, an important future task is to promote the "national capital account and financial market opening to the outside world"; including the expansion of foreign investors to participate in the proportion of Shanghai's financial markets, the scale of the expansion of international institutions to issue renminbi-denominated bonds and opening up the scale of to promote the territory of foreign companies to issue renminbi-denominated bonds, as well as the timely start of foreign enterprises, such as A-share listed.
Standards in 2020 with the RMB internationalization
LIU Tie-nan, deputy chief director of National Development and Reform Commission yesterday in Shanghai at the group debate incisive out that in 2020 Shanghai into an global fiscal center, and China's monetary might and global position are intimately connected to the RMB.
At this instant the construction of the State Council handed out a article of a economic center, on the one hand, China desires to set up a international center for the share of assets, on the other hand, in the face of uncommon economic urgent position, China desires to accelerate the establishment of protected, effective and open economic system.
Shanghai municipal government furthermore said that the latest introduction of another "international economic center in Shanghai to encourage the construction regulations", and the implementation of the outlooks of the State Council article on the exact obligations associated to work, particularly in appealing gifts, boosting discovery, reinforcing of economic services rises foremost principle support. Shanghai Vice Mayor Yang Xiong said the grade would be set up applicable agencies in Shanghai, the centered government bureaus in Shanghai, for example the composition of the authority assembly to co-ordinate the deployment.
For the future of Shanghai as a financial center and the relationship between Hong Kong and the State Council document noted that the Hong Kong Shanghai in the Mainland under the framework of financial cooperation, "to actively explore Shanghai and Hong Kong co-operation of securities products, the Mainland and Hong Kong to promote the financial cooperation and joint development. "
Status of purchasers of distinct short-term change in Hong Kong
LIU Tie-nan said that Hong Kong and Shanghai as a economic center, in periods of scale, merchandise diversification and internationalization grade of the expert grade of participants, not on a level; they assist, the scope is distinct, so the short period Hong Kong as an worldwide economic center will not change. He furthermore accepted that even by 2020, Hong Kong is furthermore evolving, "and its rank and function, or will not change."
Hong Kong Financial Services and the Treasury Bureau said yesterday in response that such a practice in Shanghai, "Shanghai and Hong Kong will be the birth of a strategic cooperation" and that the two sides to enhance strategic cooperation, "can create mutual promotion and common prosperity, he avoided the extinction long ", and Hong Kong's comparative advantage lies in the internationalization of markets, liberalization and the institutionalization of the future will continue to strengthen and develop these strengths.
Hong Kong: Hong Kong and Shanghai will be the birth of strategic co-operation
Tu Guangshao, vice mayor of Shanghai yesterday also revealed that the yuan in Shanghai to promote the pilot cross-border trade settlement, "the conditions are available, and the recent launch of the possible."
According to him, embracing the establishment of the preparatory work is presently included in some cross-border community of RMB enterprise, as well as economic banks and community procedures, with the number of the first batch of direct enterprises may have dozens or so.
In the construction of a shipping center, Shanghai will actively develop the future of the shipping service system, the construction of the development of an integrated international shipping pilot areas; and allow large-scale shipbuilding enterprises in the financial leasing company components, as well as financial products rich in shipping, freight shipping, such as the development of index derivatives and so on.
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This post was written by Zou on May 25, 2009
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