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    Greater China
     Apr 6, 2005
Foreign financiers flocking to Shanghai

SHANGHAI, April 5 Asia Pulse - Twelve new foreign financial offices were opened in Shanghai in the first quarter of this year, bringing the total number of representative offices of foreign financial organizations in the Chinese financial center to 100 by the end of March.

Japan has the biggest number of financial representative offices in the municipality, said the Shanghai Banking Regulatory Bureau on April 4, adding that the 100 offices were set up by financial organizations from 27 countries and regions, mostly major trade partners of China.

An official of the bureau observed that, for foreign banks, Shanghai is becoming the first stopover to enter the Chinese market, and overseas bankers generally perceive that the potential for profits can be realized earlier if they enter the Chinese market earlier. Frequently, multiple banks from the same country--such as Italy, Spain and India--have applied to open offices in Shanghai.

With the gradual recovery of the Japanese economy, the official said, small and medium-sized Japanese enterprises have sped up the pace of investment in Shanghai and neighboring areas. Accordingly, the market entry of Japanese banks, particularly local banks, also has accelerated. By the end of March, Shanghai was home to 32 representative offices of Japanese financial institutions, including 24 offices of local banks.

(Asia Pulse/XIC)

 

 
 

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