Anything but an easy ride for Shanghai

June 06, 2009 | BY

clpstaff &clp articles

However you define an international financial centre, there are many hurdles ahead for Shanghai

Phil Taylor

The government has announced its goal of turning Shanghai into an international finance and shipping centre by 2020. But before it can get there, the city will have to overhaul its legal and regulatory system, say lawyers. And ultimately Shanghai's success depends on the will of the government.

There has long been speculation within China about which city will emerge as the leading financial centre. Shanghai has been the leading mainland contender for at least the last 10 years. But, on March 25 the State Council for the first time made an official pronouncement on the matter, saying the city would be “built into an international financial centre and a global shipping hub by 2020,” according to the People's Daily. This explicit policy support for Shanghai is particularly significant.

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