SHANGHAI: After 10 years of development, Pudong has become a major trade centre in China. Pudong's growth is reflected by the establishment of several markets, exchanges and business centres.
Pudong, on the east bank of Shanghai's Huangpu River, now has a securities exchange, a futures market and a real estate market, all with nationwide influence.
China began developing Pudong on April 18, 1990, to reinvigorate Shanghai as an international trade and financial centre.
The Shanghai Securities Exchange has 22 million shareholders. At the end of last year, 525 stocks were listed with a total market value of 1,458 billion yuan (US$175.7 billion).
Last May, Shanghai metals, commodities, oil and cereals exchanges merged into the Shanghai Futures Exchange. With more than 200 members, it is one of the three major futures exchange in China, dealing in copper, aluminium and rubber. And earlier this year, the Shanghai Personnel Market opened a centre for people willing to help develop impoverished areas in western China. Thousands have registered.
As China continues its housing reforms, local residents are now allowed to sell their homes at the Shanghai Real Estate Trade Centre. Meanwhile, tens of thousands of foreigners have purchased apartments in Shanghai. Economists are paying close attention to information released by the real estate centre, because this information is an important barometer for China's economy.
As part of Pudong's new status, the recently approved Shanghai Diamond Exchange is expected to open soon. It will be in China's highest building, the Jinmao Tower.
All of the above-mentioned places are in the Lujiazui Financial and Trade Centre in Pudong. Accordingly, some call Lujiazui, with its nearly 100 financial institutions, "China's Wall Street."
(Xinhua)
