SHANGHAI FORMULATES PLANS FOR INTERNATIONAL FINANCE CENTRE

The Shanghai authorities are working on plans to build an international finance centre, the city's deputy mayor has explained. Tu Guangshao told the Shanghai Derivatives Market Forum, that Shanghai would co-operate with state departments concerned to make new progress in development of futures and derivatives market, and work on construction of a financial environment with standardised and ordered trading mechanism, and sound legal system in keeping with international practice. According to Wu, last year Shanghai registered 100 new financial organisations in 2007 to bring the total number to 604, including 109 banks and 261 insurance companies.