Shanghai to set up municipal investment firm
7 December 2007
Shanghai's government is working to create a municipal financial investment company, International Finance News reported (in Chinese). The company, tentatively named Shanghai Financial Holding Group, will take over the assets held by the city government in Shanghai International Group, Shanghai Pudong Development Bank and Shenyin Wanguo Securities, and will have US$1 billion to invest domestically and overseas. The institution will also provide support to local companies looking to invest abroad. Analysts called the company a "breakthough" for the local government, saying that the move will further cement Shanghai's position as a financial center.
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