Shanghai plans to build int'l financial center
(Shanghai Daily)Updated: 2006-11-27 10:34
Shanghai expects its financial institutions to double their deposit and loan balances by 2010, as part of Shanghai's plan to be an international financial center.
Shanghai today issued the scenario for building the framework for an international financial center during the 11th Five-Year-Plan period, which will end in 2010.
The city plans locally-based financial institutions will have 4.5 trillion yuan (573 billion U.S. dollars) deposit balance in 2010. The figure was 2.3 trillion yuan by the end of last year, according to the National Bureau of Statistics.
Loan balance will reach 3.2 trillion yuan in 2010, jumping from last year's more than 1.6 trillion yuan in the city.
According to the scenario, the fundraising volume in Shanghai's financial market, including stock, government bond and corporate bond markets, will account for 25 percent of the country's total in 2010.
Trading volume in the city's financial market will total 80 trillion yuan in 2010, up from 35 trillion yuan in 2005.
The combined assets of the city's financial institutions will be 10 percent
of that of the country.
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