Shanghai Hopes Legislation Will Grow It’s Attractiveness As A Financial Centre

Trading has reported that Shanghai authorities hope to introduce local legislation to help grow the city’s role as a financial centre

The report says we should expect to see the  release of  the Shanghai Municipal International Financial Center Construction Promotion Regulations in the first half of 2009, according to the Shanghai Securities News.

The related draft has entered local legislation and will be submitted to the local legislature.

The report goes on to say:

Since February 2008, Shanghai Municipal Government had been working on the draft in cooperation with the local authorities. It is composed of 40 articles in eight chapters such as main principle and goal, capital injection, service and cooperation, financial market breeding, financial layout, environment improvement for financial talents, credit environment, and financial innovation and financial risk prevention.

The local government hopes to make use of legislation to further raise Shanghai’s role as a financial center in China and an international financial hub in Asia and the world market.