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BEIJING, May 17 -- 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 Saturday. The city will also enable financial markets and institutions to play an important role in financial innovation and make the Pudong New Area a pioneer for financial reforms, Tu told the Lujiazui Forum in Shanghai. "To realize our goals, we need a combination of forces," said Tu. "We need guidance and support from the central government in terms of rules' drafting and coordination. We also need financial markets and companies to make contributions." From left: Xu Xiaonian, professor of CEIBS, Hu Zuliu, chairman of Goldman Sachs China, Xie Guozhong, board member of Rosetta Stone Advisors, Ha Jiming, chief economist of China International Capital Corp and Wang Qing, chief economist of Morgan Stanley China discuss issues at the Lujiazui Forum Saturday Shanghai must have "breakthrough and innovation" in its measures to attract financial talents, the most important element in building the city into an international financial hub, Tu said. The city should also have a solid financial legal system and the municipal government is working to improve the arbitrary, hearing and verdict processes of financial cases, according to Tu. He added that local government will cooperate with the People's Bank of China to improve the city's credit environment. One focus will be the establishment of a credit ratings system for small- and medium-sized enterprises to facilitate fundraising, Tu said. Xu Lin, Party Secretary of Pudong New Area, told the forum the district will shore up its preparation for financial innovation, including establishing an over-the-counter equity exchange for start-up technology firms. Pudong will also trial programs to settle cross-border trade using the yuan and to set up consumer finance companies to fund people's purchases of durables such as home appliances and electronics. Xu also noted that Pudong will fast track the development of financial services for the shipping industry as China pursues building Shanghai into an international financial and shipping hub by 2020. "The district will encourage capital from various sources to help innovation and upgrade industry," Xu said. "More credit support will be given to small companies in terms of innovation." Financial experts attending the two-day Lujiazui Forum, which ended Saturday, called on the city to take more measures to retain talent and financial institutions. "The major European and US markets are reshuffling after the crisis and it has created a good opportunity for Shanghai to lay a sound basis and infrastructure for rising as an international financial center," said Laura Cha, deputy chairman of the Hongkong and Shanghai Banking Corp. "We should learn lessons from them and avoid the mistakes they have made." Shanghai is still lagging behind in terms of financial talent both in quality and quantity, she added. She suggested shoring up the city's financial high education sector and rotating financial talents to develop more overseas experience.
BEIJING, April 27 -- The yuan will remain stable against the U.S. dollar as China will take a cautious and stable position in its foreign exchange investment. The Chinese currency gained against the US dollar in the past week and ended at 6.8273 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8311 by the end of the previous week. China will continue its policy of diversifying its huge amount of foreign exchange reserves, the currency regulator said last Friday. Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency that it will stick to major currencies and high-quality assets in its foreign exchange investments. China's overseas earnings hit 82.5 billion U.S. dollars in the past year, an 8-percent rise from a year earlier, according to data released by the administration last Friday. Hu also noted the positive outlook of China's economy has lessened concerns over a depreciation in the yuan.

BEIJING, May 7 (Xinhua) -- Chinese Vice President Xi Jinping has urged universities to reform and improve themselves to turn out more high-quality personnel for the society. Universities are supposed to produce "qualified builders and reliable successors of socialism with Chinese characteristics," Xi said while touring major Beijing-based universities from Wednesday to Thursday. Centering on the fundamental task of personnel fostering, he said, universities should reform all concepts and mechanisms that go against the mission, lift the overall quality of teachers, offer better services in helping students find jobs, beef up campus stability, and provide technical service and intellectual support for companies to weather the financial crisis. He also urged universities to prevent and punish academic corruption.
BEIJING, June 21 (Xinhua) -- A central government official has urged government complaints-receiving offices at all levels to work hard to contribute to China's reform, development and social stability. Ma Kai, state councilor and secretary-general of the State Council, made the call during his recent research tour in Anshan and Shenyang of northeast China's Liaoning Province. A main purpose of this trip is to look into grass-roots efforts to respond to public complaints. During this trip, he paid a visit to the family of Pan Zuoliang, a role model in the complaints-receiving bureau in Liaozhong County, Shenyang. Pan died on duty of cerebral hemorrhage last May. He was praised by the central authorities as a model official in dealing with public complaints. He also visited urban communities, industrial enterprises and complaints-receiving offices. Ma said the Central Committee of the Communist Party of China (CPC) and the State Council have always attached great importance to the work of dealing with people's complaints. Since the 16th Party Congress, in 2002, when Hu Jintao took office as the General Secretary of the CPC Central Committee, the Party Central Committee has adopted a series of important resolutions and arrangements to improve the work, the official said. He urged the complaints-receiving officials to safeguard the legal rights and interests of the people and actively solve matters that may cause instability so as to create a sound social environment for the celebrations of the 60th founding anniversary of New China, or the People's Republic of China (PRC).
BEIJING, July 8 (Xinhua)-- China's gross domestic product (GDP) growth in the second quarter this year is forecast to accelerate close to 7.8 percent, Goldman Sachs Asia and the Beijing-based Gaohua Securities Company said in a report Wednesday. "The figure is above our previous forecast of 7.0 percent year on year," said Song Yu, one author of the report and Goldman Sachs Asia's economist on China's macro-economy. According to the report, economic performance of China in June will show robust improvements, with the industrial output expected to rise about 10 percent in June from 8.9 percent in May. Fixed asset investment in June is forecast to grow 42 percent year on year, up from 38.7 percent in May. Exports is expected to decline 22 percent in June from a year earlier, smaller from a 26.4 percent dip in May, while imports may post a eased drop at 18.0 percent from a 25.2 percent fall in May. The consumer price index is expected to fall 1.5 percent in June from a year ago, compared with a 1.4 percent drop in May. Producer price index would decline 7.6 percent year on year, compared with a slide of 7.2 percent in May. Zhou Xiaochun, governor of the country's central bank, said in late June that the second quarter is expected to be better than the first, when the gross domestic product grew 6.1 percent. The National Bureau of Statistics said in June that China's GDP will grow close to eight percent in the second quarter. China is due to release its second-quarter GDP data in mid-July.
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