Shanghai to get futures bourse

China will set up a new exchange in Shanghai to trade financial futures, state media reported, citing an industry insider. The insider said Fan Fuchun, vice-chairman of the China Securities Regulatory Commission, gave the bourse the go-ahead at a national work conference on securities and futures regulation last week. Market watchers say the new exchange will not be established until the end of this year or early next year. Hu Jian, director of the China Center for Finance Research at Peking University, said the touted exchange would be a �milestone in China’s finance reform and a boost to Shanghai’s ambition to become a world financial hub."