China said on Wednesday it would allow foreign companies to list on the Shanghai Stock Exchange and develop a greater variety of financial derivatives, elaborating on plans to make Shanghai an international financial and shipping centre by 2020.
China will also allow major domestic shipping companies to establish financial leasing companies and let such leasing firms trade on the Shanghai-based interbank market and issue bonds, according to a cabinet document published on the Chinese government's website, www.gov.cn.
The cabinet, the State Council, announced in late March that the government had decided to build Shanghai, China's financial hub, into a global financial centre to reflect China's economic strength and the status of its yuan currency.
It said China would also build the eastern Chinese city into a global shipping centre able to allocate international shipping resources, reflecting China's ambitions to gain a much bigger say in the global economic arena over the next decade as its economy strengthens.
China's economy, which has expanded rapidly since the country kicked off economic reforms in the late 1970s, is now the world's third largest, and Shanghai's port is the world's busiest.
Shanghai also boasts China's most complete system of markets, including its only currency and shipping exchanges, its key main-board stock exchange, and the most active of China's three commodities futures exchanges.
'Shanghai has relatively complete financial systems, a strong manufacturing base and technological innovation capabilities, as well as advanced shipping infrastructure networks,' Wednesday's cabinet document said.
China will also allow major domestic shipping companies to establish financial leasing companies and let such leasing firms trade on the Shanghai-based interbank market and issue bonds, according to a cabinet document published on the Chinese government's website, www.gov.cn.
The cabinet, the State Council, announced in late March that the government had decided to build Shanghai, China's financial hub, into a global financial centre to reflect China's economic strength and the status of its yuan currency.
It said China would also build the eastern Chinese city into a global shipping centre able to allocate international shipping resources, reflecting China's ambitions to gain a much bigger say in the global economic arena over the next decade as its economy strengthens.
China's economy, which has expanded rapidly since the country kicked off economic reforms in the late 1970s, is now the world's third largest, and Shanghai's port is the world's busiest.
Shanghai also boasts China's most complete system of markets, including its only currency and shipping exchanges, its key main-board stock exchange, and the most active of China's three commodities futures exchanges.
'Shanghai has relatively complete financial systems, a strong manufacturing base and technological innovation capabilities, as well as advanced shipping infrastructure networks,' Wednesday's cabinet document said.