The head of China's banking regulator on Friday pledged full support to make Shanghai an international financial center.
Speaking at the Lujiazui Forum 2008, Liu Mingkang, chairman of the China Banking Regulatory Commission, also called for a comprehensive legislative system, taxation support and build-up of talent to achieve the goal.
The city has developed its own competitive edge for the financial system, Liu said.
"Shanghai should continue to promote market construction, set up complete laws, regulations, enforcement and an agency services system, and further speed up research on the tax system to ensure a steady development of the financial industry," Liu said.
Shanghai should further promote the international standard for professional financial education, and make great efforts to attract, train and keep finance professionals in the city, Liu said.
He said that the shortage in the number and service quality of finance professionals had become a bottleneck for Shanghai in competing with its foreign counterparts, such as New York and London.
Wall Street in the US employs about 400,000 financial professionals, while London, another financial center, has up to 300,000.
Shanghai had more than 100,000 by the end of last year, Liu said.
Financial specialists in Shanghai still lag far behind Wall Street and London in terms of professionalism, and dedication to work and service quality - an issue that has to be addressed seriously, he added.
(China Daily May 10, 2008)
