Across China: Shanghai

Talent welcomed

Shanghai will step up efforts to lure more talent, beef up development of its legal system and improve its credit database as part of efforts to develop a global financial center, Vice Mayor Tu Guangshao said.

The city also hopes to collaborate with financial markets and institutions and make the Pudong New Area a pioneer for financial reforms. "We need guidance and support from the central government in terms of drafting rules and coordination," Tu told the Lujiazui Forum in Shanghai, "We also need financial markets and companies to make contributions."

Pilot program in yuan

Shanghai will introduce a pilot program to allow overseas banks incorporated in the city to issue renminbi bonds, according to a guideline issued by the local government recently.

So far, several foreign lenders have shown interest in reminbi-denominated bond issuance, Ling Tao, a senior official at the Shanghai headquarters of the People's Bank of China (PBOC) said .

(China Daily 05/25/2009 page5)