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Shanghai strives to win key role
Shanghai will go all out to be the front-runner on financial reform and innovation, Shanghai Party Secretary Yu Zhengsheng told the Lujiazui Forum yesterday.

Shanghai embraces advice and suggestions on how to grow better as a global financial center, Yu said.

"Shanghai will keep making initiatives to break through the bottleneck that limits the city's rise in the financial area," he told the Lujiazui Forum, touted as the "Financial Davos."

A better coalition between the financial and high-tech industries, better regulation and a better environment for attracting financial professionals are all on the agenda, he said.

The State Council announced guidelines in early 2009 to make Shanghai a global financial and shipping hub by 2020 and the city is striving to meet the target.

Shanghai boasts 200,000 financial professionals in its population of 20 million.

"But the penetration of financial professionals is still low compared with financial centers in Europe and the US," Tu Guangshao, a deputy Shanghai mayor in charge of the city's financial industry development, told the two-day forum, which ended yesterday.

"We have an even more severe lack of experienced professionals in areas such as finance information technology and finance marketing," he said.

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