The Shanghai Lawyer
Vol. 1 , No. 08 - July 4, 2002
Shanghai is one of the most dynamic and fastest growing mega-cities in the world. It is quickly establishing itself as the leading financial and economic center of the Far East, on par with the likes of Paris and New York. The Shanghai Lawyer is a bi-weekly publication providing up-to-date newsworthy articles and legal information to professional and business persons around the world. We hope you enjoy the newsletter and welcome your comments and feedback.
Did you know?
Shanghai will invest up to 100 billion RMB (12.2 billion USD) in local rail transport projects during the city's tenth five year (2001-2005) plan period. The city plans to build 200 km of subway, elevated railway and magnetic railway lines during the five-year period. By 2005, the city will see public transport carry nearly 26% of the local traffic volume, compared with 21% in 2000. |
Shanghai Stock Markets Among Best in World: Merrill-Lynch
Despite many reported corporate scandals, the stock markets in Shanghai and the rest of China have among the best infrastructures in the world, said Richard Margolis, a senior consultant with Merrill Lynch Asia Pacific.
"The defects in China's security markets get a lot of publicity. What gets less publicity is the fact that the infrastructure is actually first class," he said in an exclusive interview. "The market infrastructure is among the most advanced in the world and in some ways surpasses London's."
China's system is totally computerized and has a completely automated trading and settlement system. "It is a remarkable achievement to put into place something that good in such a short time," he said. The infrastructure copes with a staggering volume of transactions.
(Source: South China Morning Post)
Shanghai GDP to rival Australia's by 2007
Shanghai's standard of living should rival those in Australia and Italy by 2007, according to official government projections.
Shanghai-with its eyes set on hosting the 2010 Expo-has experienced double-digit growth for 10 straight years, and its per capita gross domestic product (GDP) reached $4,500 USD in 2001. If the city can increase the figure to $7,500 USD in five years, Shanghai residents would be able to enjoy living standards comparable to those of Australia and Italy, calculated in terms of the yuan's purchasing power, analysts say.
The Chinese government's most recent per capita GDP figures for each city show bullish estimates, especially in coastal areas that have fueled the nation's economic growth. The government forecasts per capita GDP of $7,000 USD in 2010 for the Zhujiang Delta, just north of Shanghai, while Beijing is expected to reach $6,000 by 2008.
The Zhujiang Delta district, which currently has a per capita GDP of $3,900 USD, believes it can achieve its $7,000 USD goal if it marks an average 6 percent annual growth by 2010. Beijing, host of the 2008 Summer Olympics, needs 9 percent growth every year to achieve per capita GDP of $6,000 USD, about double the current figure
(Source: Asiha.com)
Shanghai Essentials
Shanghai is quickening relaxation of its control on foreign exchange to finally realize full convertibility of its currency, renminbi. Since May 8, the State Administration for Foreign Exchange in Shanghai has been allowing all domestic banks to approve foreign-exchange current accounts for their corporate clients, a right that used to be reserved only for the State Administration for Foreign Exchange. This will make it easier for companies in Shanghai to manage their foreign currency accounts. (Source : Dow Jones) |
Overseas Travelers to Exchange Foreign Currency in Shanghai Banks
Starting from next month, overseas travelers in Shanghai can exchange foreign currency directly at banks without paying commission, according to the State Administration of Foreign Exchange. Travel agencies previously helped tourists exchange foreign currency but from next month, tourists can handle the business directly at banks with the certificates issued by certain travel agencies, visa copies, personal passports and identity cards.
Three banks are authorized by the State Administration of Foreign Exchange to deal with Forex business, the Citic Industrial Bank, the Bank of China and the Industrial and Commercial Bank of China. The authorized banks will not charge commission for foreign exchange business and exchange rates will based on daily quoted prices.
(Source: isinolaw.com)
Export Processing Zone in Shanghai Opens
The Shanghai Jinqiao Export Processing Zone has passed state appraisal and began operating on June 24, 2002.
The closed export processing zone was set up last September with the approval of the State Council. Construction is in two stages, with the first phase covering 1.55 sq km. A 5.1-km-long and 2.9-meter-high fence separates the zone from other parts of the country. Sixteen automatic monitoring devices have been installed in various parts of the zone. As one of the largest export processing zones in China, Jinqiao has attracted 292 enterprises with total investment of 3.2 billion U.S. dollars.
(Source: www.sfisc.com)
Shanghai to Regulate Bicycle Usage
From July 1st 2002, users of unlicensed bicycles will be fined and the bicycles will be confiscated, local public security officials said. The city has a total of 7 million bicycles and 500,000 unlicensed bicycles, officials said. The city has already added license plates to 3 million bicycles in recent months. Officials said illegal parking of bicycles would also result in fines.
(Source: www.isinolaw.com)
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Shanghai Approves 4,350 Taiwan-Funded Ventures
Shanghai's government approved 4,350 Taiwan-funded ventures by April this year, 17% of the city's total number of approved ventures. They involve a total contracted investment volume of 67.81 billion USD, which accounts for 13% of the total. Currently, the Taiwan ventures in Shanghai are predominantly industrial in nature. By the end of April this year, 54 of 100 Taiwan's top consortiums had completed their investments in Shanghai, accounting for 33% of the city's utilized investment from Taiwan. More and more Taiwan's hi-tech enterprises entered Shanghai, including Aric Technologies, Changku Construction Company, the Inventec Corp. and Acer.
(Source: www.interfax.com)
Shanghai Stock Exchange to Issue New Component Index
The Shanghai Stock Exchange will replace its six-year-old SSE-30 index with the new SSE-180 index based on 180 blue chip stocks, instead of 30, to reflect an expanded market, starting from July 1. The decision to issue the new index was made after wide consultation, said sources with the stock exchange, adding that experts from home and abroad jointly developed the new SSE-180 index.
The new SSE-180 index will have the closing points of the SSE- 30 on June 28 as its benchmark. SSE-180 component stocks will have an average price-earning ratio of 28, compared to 38 for SSE-30 component stocks, the sources said.
(Source: isinolaw.com)
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