China eyes Shanghai as finance, shipping center
The Chinese government wants to make Shanghai into a major international shipping and finance hub.
State news agency Xinhua said China’s State Council issued a statement on Wednesday that said, “to accelerate Shanghai’s development pace in modern service, manufacturing, financing and shipping would be of great significance for the Yangtze River Delta and the whole nation at large.”
It urged Shanghai to be developed into a multifunctional financial center by 2020 to keep up with “China’s economic influence and the Chinese yuan’s international position.”
Shanghai is already ranked as the world’s largest port, but Wei Jiafu, chief executive officer of China Ocean Shipping Co., also said Shanghai needs to attract shipping financiers and admiralty lawyers to become a global shipping center.
Wei this week was presented with the Connecticut Maritime Association’s “Commodore Award.”