Shanghai earmarked as global financial and shipping center

The Chinese government has endorsed a blueprint to make Shanghai a global financial and shipping centre by 2020, the South China Morning Post reported, citing state media. The move could help China overcome the financial crisis. In its statement, broadcast on national television, the State Council said: “Shanghai should strengthen its strategic cooperation with Hong Kong and [the two cities] should complement each other. There should be a sensible division  of labour between them so that they  can benefit from each other’s development.” The statement also said that the renminbi will be made fully convertable by 2020, but did not give more details. Anaylsts said that the endorsement will be a great help for Shanghai in reaching its goal of being a global financial center as it has been competing against cities such as Beijing and Tianjin for the position.