Shanghai plans to build int'l financial center
(Shanghai Daily)Updated: 2006-11-27 10:34 The scenario expects Shanghai to be the country's hub of money by the end of 2010, with an annual trading volume of 40 trillion yuan in the currency market.
The city also expects its future bourse to be the world's top 10 exchanges by 2010, having more say in commodity pricing. And the market value of Shanghai's stock market is expected to grow to 7 trillion yuan by then, becoming one of the biggest stock markets in the Asia and Pacific region.
Besides, Shanghai will step up efforts to develop online banking, securities and insurance services to boost its financial informatization.
Also in 2010, more than 70 percent of stores in the city will be able to handle banking card consumption, up from about 50 percent last year. Banking card consumption will account for more than 40 percent of the total retail sales in 2010, while it was 32 percent in 2005.
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