Shanghai promises more land for financial sector

District-level governments in Shanghai will be told to give priority to the financial sector when drawing up land-use plans as part of the city’s ambitions to become an international finance hub, the South China Morning Post reported. The requirement appeared in a draft rule published by the Shanghai legislature on Thursday. The draft rule states that the city government will use a number of other administrative measures, including building-swap deals, to meet the rising demand for office space in financial zones. In addition, the authorities will also establish a fund to attract more talent and encourage market liberalization. Further cooperation with Hong Kong is also on the agenda, focusing on “financial-product innovation, control of financial risks and the nurturing of financial talent.” Analysts say Shanghai will not be able to fully realize its ambitions until the renminbi becomes fully convertible.