Home>News Center>China
       
 

Snow 'astonished' by changes in Shanghai
(AP)
Updated: 2005-10-12 19:20

U.S. Treasury Secretary John Snow said he was "astonished" by Shanghai's economic transformation Wednesday as he began a visit expected to focus on China's currency policies and its huge and growing trade surplus with the United States.


U.S. Treasury Secretary John Snow speaks to journalists at Shanghai Stock Exchange Wednesday Oct. 12, 2005 in Shanghai, China. Snow toured the financial center of Shanghai on Wednesday as he embarked on a visit expected to focus on China's currency policies and its huge and growing trade surplus with the United States. [AP]

Speaking above the trading floor of this city's stock exchange, Snow said he was stunned by Shanghai's dramatic transformation from a crumbling relic of central planning into a modern commercial hub.

"I'm astonished every time I come to see how much has happened since the last time I came," Snow said. Compared with 10 years ago, "the changes are nothing short of breathtaking."

Yet Snow urged China to move even faster in pushing ahead with reforms of its nascent capital markets, which still lag behind the rest of the booming economy. China allows only limited foreign exchange trading, its bond and other financial products markets are in their infancy, and most companies choose to list shares not on domestic bourses but in Hong Kong and elsewhere.

"It's clear the potential of the financial sector to play a larger role in the economy is enormous," Snow said, adding that he would continue to press for greater openness for foreign companies and for more progress toward a more flexible, market-driven exchange rate.

"It's in China's interest to continue down this path," said Snow, who is leading a delegation in Beijing, backed by Federal Reserve Chairman Alan Greenspan. They plan to meet with Chinese officials Oct. 16-17 in Beijing for the U.S.-China Joint Economic Commission, which serves as a regular forum for U.S. and Chinese officials to discuss economic issues.
Page: 12



A real long-distance call
Shenzhou VI blasts off into sky
Celebrating Chongyang Festival
  Today's Top News     Top China News
 

China astronauts blast confidently into space

 

   
 

Zero-gravity life begins with mooncakes

 

   
 

Appliance retailer tops list of wealthiest

 

   
 

National Games open in Nanjing

 

   
 

Snow 'astonished' by changes in Shanghai

 

   
 

Next goals: Permanent space lab, and moon

 

   
  CPC sets blueprint for next five years
   
  Snow 'astonished' by changes in Shanghai
   
  Second manned spacecraft successfully takes off
   
  Next goals: Permanent space lab, and moon
   
  Tsang vows to boost social welfare services in HK
   
  Russians on trial for beating Chinese students
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Snow urges China for more action on yuan
   
Snow to check China's currency moves
   
John Snow heads to China, appoints new aide
   
US economy into strong recovery: John Snow
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement