Shanghai Speeds up Reform of State-owned Financial Institutions

The guideline stipulates the goal, principle and implementation of the reform, according to the document issued by the Finance Office of the municipal government.

As of the end of 2008, the assets of state-owned financial institutions controlled by the municipal government, including banks and securities firms, totaled 2.45 trillion yuan.

Shanghai aims to attract giant foreign and national financial institutions into Shanghai and strengthen city-owned financial institutions, according to the guideline.