Shanghai memo to be signed

By Zhang Fengming  |   2009-5-14  |     NEWSPAPER EDITION

THE China Insurance Regulatory Commission is scheduled to sign an agreement with the Shanghai government tomorrow to discuss building up the city's financial strength.

The top insurance watchdog is expected to sign a memorandum of understanding to strengthen cooperation with the municipality to help boost the city's position as a global financial center, Cai Jipu, deputy director of the general office of the regulator said yesterday in Shanghai. He said specific details would be available tomorrow.

The city is also gearing up to hold the two-day Lujiazui Forum 2009, which begins tomorrow, when 103 leading financial executives, economists and regulators will share their views on this year's theme - Finance and Economic Growth in the Globalized Age.

Economists such as Nobel Laureate Joseph E. Stiglitz and Stanford University Professor Ronald McKinnon as well as top executives from Goldman Sachs, the London Stock Exchange and Allianz will deliver speeches at the forum.

The leaders of China's monetary, banking, insurance and securities regulators will also attend.

"The Lujiazui Forum will help strengthen China's involvement with the rest of the world and will build up Shanghai's reputation as a leading financial center," said Xia Lingwu, deputy director of the general office of the China Banking Regulatory Commission. "It will also give us a clearer picture of current economic conditions."