Special Report: Global Financial Crisis
BEIJING, April 16 -- Major Chinese cities such
as Shanghai and Beijing could gain from the global financial crisis, which is
reshaping the world's financial landscape.
Jiang Zhenghua, former vice-chairman of the National
People's Congress Standing Committee, made the comment on Wednesday while
calling for more infrastructure investment to speed up China's urbanization amid
the financial crisis.
"The global financial crisis has offered an
opportunity to bring Chinese cities on the world's center stage," Jiang said at
the launch of a report on China's urbanization in Beijing on Wednesday.
"I believe that Chinese cities will speed up the pace
of embracing globalization," Jiang said.
The central government has already approved
Shanghai's development blueprint to become an international financial and
Shanghai is the richest city on the mainland in terms
of per capita gross domestic product and the UN has classed it at the same level
of competitiveness as Portugal when the economy, health and education are taken
As other global financial centers such as New York
and London are suffering from the financial crisis, Shanghai should seize the
opportunity, Jiang said.
During recent years, the world's top financial
institutions have set up offices in Shanghai. China has announced aggressive
measures to open banking and finance to the rest of the world and Shanghai is
starting its test of using the yuan for trading, settlement and clearing.
Beijing should strengthen its attraction as home to
head offices of top multinationals given its position as China's capital, Jiang
The China Mayors' Association said in the
urbanization report that each city, especially those in coastal regions such as
Hong Kong, Shenzhen and Tianjin, should redesign its development model and
global role as this round of financial crisis reshapes global development
"It's clear that we should embrace globalization and
speed up urbanization but we need to rethink amid the financial crisis," said
the association's president Tao Siliang.
Tao urged policymakers to bear in mind that China's
manufacturing and export-dependent industries may not create as many as jobs as
before. However, the service industry in China has not yet matured, he said.
Statistics indicated about 45 percent of Chinese live
in cities now, and according to the national development program, 15 million
rural people will settle in cities every year.
"Jobs are at the heart of urbanization," Tao
(Source: China Daily)