国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Proposals boost city's financial profile

By Ma Zhenhuan (China Daily)
Updated: 2009-03-02 07:55

A draft law, aiming to create a sound financial policy environment and help Shanghai become a major international finance center, was submitted to the municipal people's congress standing committee for first deliberation last Monday.

The draft, the first of its kind in China, was initiated last February by the city's financial and legislative administration and was revised several times following discussions with academics and professionals.

"The eight-chapter draft will mainly focus on financial innovation, financial talent build-up, credit environment and risk control," said Lu Hongjun, president of the Shanghai Institute of International Finance.

Lu, an advisor to the draft over the past year, said encouraging innovation is a key part of the draft, which will cover the application and IPR protection of financial products.

The city will also set up a special fund to support financial development, recruitment and product innovation.

Vice-mayor Tu Guangshao said at a meeting held last month that "substantial progresses" was made.

The city is likely to become one of the next Chinese regions allowing international trade deals to be settled in yuan, greatly benefiting local exporting businesses.

A proposal concerning settling trade deal in yuan on a trial basis was submitted to the State Council, said Tu.

According to the proposal 18 Shanghai import and export groups could use yuan in deals with neighboring countries and regions such as Russia, ASEAN, Hong Kong and Macao.

The proposal, once approved, will reduce intermediate transaction costs and interest rate risk, said Lu Hongjun.

The global financial crisis dealt a blow to Shanghai's foreign trade sector. Statistics from Shanghai Customs show Shanghai's exports at $26.9 billion this January, a drop of 16 percent from same period last year, and imports declined 42 percent to $9.82 billion.

The city also wants to launch China's first real REIT (real estate investment trust). The local government finished a REIT launching proposal and gave it to higher authorities recently, said Tu.

REIT, which securitizes property projects into traded units sold to investors, originated in the US in the 1960 and has been introduced to many countries and regions including Australia, Singapore and Hong Kong. It is gives property developers another financing channel besides bank loans.

Lu Hongjun said the possible introduction of REIT, especially with property markets around the world slowing or dropping, could be a practical way to help ease Shanghai developers' fund shortage.