BEIJING, April 15 -- China's financial hub of Shanghai is expanding its banking zone to facilitate a growing number of overseas banks. The country's largest city also wants to enhance its financial role in Asia.
Shanghai is attracting more overseas banks, where their business can then be extended to the whole country. Thailand's biggest commercial lender, Bangkok Bank, is among those trying to be incorporated in Shanghai.
Sitthichai Jiwattanakul, GM of Bankok Bank Shanghai Branch said "Our best performing branches are all in China. If you give me a map, and ask me where you should invest. I will say Shanghai, China."
By the end of 2008, there were nine-hundred financial institutions in Shanghai and half were from overseas. Eighty-five percent of overseas banks choose to be headquartered in Shanghai. Faced with such demand, the city will expand the bank zone beyond the traditional Bund area. What's called a "financial ecology" will be established during the expansion.
Wang Wentao, Secretary of Shanghai Huangpu District Party Committee said "A financial ecology means a good correlation between finance and other industry and a good relationship between banks and residents. "
Shanghai's plan is to enlarge the bank zone along the city's Bund district until it reaches 2.6 square kilometers by 2020.
(Source: CCTV.com)
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