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Hu Pingxi, head of the Shanghai Branch of the People's Bank of China, said that Shanghai is on the right road for establishing an international financial center.
The banker told a reception held here Tuesday that the market for securities, foreign exchange and money lending is growing steadily.
The market for clearance and gold transactions has seen rapid development and the operation center for bank cards, offshore banking business and currency brokerage will soon open.
He said that China's banking sector will enter into a new development stage as the regulation for foreign financial institutions takes effect on February 1.
Hu hopes domestic banks will seize the opportunities brought by China's accession to the World Trade Organization and restructure where necessary to give them a competitive edge.
In addition, he expected the leading international banks to introduce advanced management ideas and technology, as well as financial products to China.
It is strategically important to the Chinese government that Shanghai should develop into an international financial center, he noted.
Statistics show that in 2001, Shanghai had 1.125 trillion yuan (135.54 billion U.S. dollars) of total savings (including foreign currencies), 20.4 percent more than the previous year. The total credit loans (including foreign currencies) amounted to 856.9 billion yuan (103.2 billion U.S. dollars), up 15.69 percent.
The Shanghai-based 53 foreign-funded financial institutions have taken more than half China's market shares and collected a 50 percent profit increase last year.
(People's Daily January 31, 2002)
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