SHANGHAI, May 9 (Xinhuanet) -- The east China metropolis of
Shanghai has once again drawn worldwide attention as senior
executives of the world's financial giants gather for the 35th
Annual Meeting of the Board of Governors of the Asian Development
Bank (ADB).
   Among the high-profile bankers and financiers are Stanley
Fischer, vice-chairman of CitiGroup; Stuart Gulliver, general
manager of the Hong Kong and Shanghai Banking Corporation (HSBC);
George Dallas, managing director of Standard & Poor; and dozens
more from other major financial institutions.
   Analysts here said that long before the present gathering,
Shanghai had become known to international finance ministers,
economists and financiers for its rapid development in the
financial sector.
   Seodradjad Djiwandono, visiting senior research fellow with the
Institute of Southeast Asian Studies, told Xinhua that he is aware
of Shanghai's efforts to become an international financial center
in 15 to 20 years.
   The former Indonesian central bank governor expressed the hope
that Shanghai will attain the goal, though it will be a
painstaking process.
   Liu Ligang, a research fellow with the Tokyo-based ADB
Institute, suggested that software development in the financial
sector would help Shanghai become a major international financial
hub.
   Shanghai, the cradle of China's modern financial industry, was
also a pioneer in the country's reform and opening up since the
late 1970s.
   Today it has China's first stock exchange, a gold exchange and
nationwide inter-bank trading centers of Chinese and foreign
currencies.
   The city is also a gateway for many world-leading financial
groups to enter the Chinese market. Most financial institutions
attending this year's ADB meetings have set up branches in
Shanghai. CitiGroup and HSBC have even moved their Asia-Pacific
regional headquarters here.
   Latest figures from the Shanghai Branch of the People's Bank of
China show that by the end of March, the 50-odd foreign banks in
Shanghai had over 170 billion yuan (20.5 billion U.S. dollars) of
assets in Chinese and foreign currencies.
   International financial delegates said Shanghai's attraction
lies in its sound investment environment, good returns and rich
resources for financial services.  Enditem