Shanghai set to allow listings of foreign groups

姜楠

Shanghai set to allow listings of foreign groups

By Patti Waldmeir in Shanghai 2009-04-30
China intends to allow foreign companies to list on the Shanghai stock exchange as part of its plan to turn the city into a global financial centre.

A statement issued yesterday by China's State Council, or cabinet, mapped out a cautious plan to increase foreign investor participation in the mainland market and to allow foreign companies to issue A shares. It gave few details and no timetable for when it might happen.

The goal is to allow “qualified foreign firms” to issue A shares “at an appropriate time”, gradually to increase renminbi-denominated bond issues by multilateral development agencies, and gradually to increase the participation of foreign investors in the city's financial markets, said the statement.

Beijing last month said it would support Shanghai's long-held ambition of becoming a global financial centre, setting a goal of 2020.

City officials are pleased to have secured the central government's sanction for their plan but acknowledge many obstacles to its implementation. Financial industry sources point to non-convertibility of the currency, the country's still- developing legal system, lack of experienced personnel in the financial services sector and a lack of transparency and sophistication in the financial system.

At a press conference in Shanghai yesterday, a senior Chinese official would not be drawn on the question of convertibility of the renminbi.

“The full convertibility of the renminbi is related to complex factors and so far we don't have a timetable on that,” said Liu Tienan, a vice-chairman of the National Development and Reform Commission.

Beijing said last month that it would also support Shanghai's bid to become a world shipping centre. Yesterday, the State Council said that it would allow some large domestic shipping companies to establish financial leasing companies, which could borrow funds and issue bonds on the interbank market.

Development of derivatives linked to shipping indices would also be encouraged.

中国将允许境外企业在上海上市

英国《金融时报》帕提•沃德米尔(Patti Waldmeir)上海报道 2009-04-30

中国有意允许境外企业在上海证券交易所上市，将其作为把上海建设成国际金融中心计划的一部分。

中国国务院昨日发表声明，勾勒出一项谨慎的计划，拟扩大境外投资者对内地市场的参与，并允许境外企业发行A股。国务院并未给出计划的细节，也未给出计划实施的时间表。

声明表示，该计划的目标在于，允许“符合条件的境外企业适时”发行A股，逐步扩大多边发展机构发行人民币债券的规模，并逐步扩大境外投资者对上海金融市场的参与。

中国政府上月表示，它将对上海一直抱有的成为国际金融中心的雄心予以支持，并设定了一个截至2020年的目标。

上海市官员对他们的计划获得中央政府的批准感到高兴，但他们承认，该计划的实施会遇到许多障碍。金融业消息人士指出，这些障碍包括：人民币不能完全自由兑换，中国的司法体系仍在发展中，金融服务业欠缺富有经验的从业人员，金融体系缺乏透明度与成熟度。

昨日在上海召开的新闻发布会上，一名中国高级官员不愿过多谈论人民币的自由兑换问题。

国家发改委副主任刘铁男说：“人民币的完全自由兑换，与诸多复杂因素有关，现在还很难有一个时间表。”

中国政府上月表示，它还将对上海成为国际航运中心的努力予以支持。国务院昨日表示，它将允许国内一些大型船舶制造企业建立金融租赁公司，这类公司可进入银行间市场拆借资金和发行债券。

国务院还将鼓励开发与航运运价指数有关的衍生品。