2011-04-02 09:15

SHANGHAI - Shanghai on Friday signed an agreement to launch the city's first financial prosperity index. The agreement underscores the city's determination to become an international financial center by reflecting the development of, and problems with, its financial sector.

The index, which will be released by the Shanghai Financial Association and Roland Berger Strategy Consultants, will be based on questionnaire replies and statistical analysis.

It will track six aspects of the city's financial industry, including markets, institutions, innovation and environment.

Prosperity reports based on the index will be published twice a year with accompanying news conferences in May and October. Meanwhile, an in-depth report will be issued once a year during the annual Lujiazui Forum, the city's top financial forum which is held every May.

"The index will be a supplement to the indexes of the major global financial centers, which typically contain few reflections on the conditions in Shanghai and China," said Qu Xiangjun, partner and vice-president at the Greater China unit of Roland Berger Strategy Consultants.

"It will enable Shanghai to discover its pluses and minuses and to gain experience from the world's leading financial centers," Qu said.

Shanghai has vowed to become a leading international financial center by 2020.

The index marks a fresh effort towards achieving that goal, and comes hot on the heels of Shanghai's Innovation Center of Computing in Financial Services which was jointly launched by Shanghai Jiao Tong University and Morgan Stanley last week.

The center is designed to aid the introduction of cutting-edge computer technologies into the city's financial industry and foster innovation in the sector.

Meanwhile, the long-awaited international board at Shanghai Stock Exchange, which will allow foreign companies to list in Chinese mainland for the first time, is also scheduled to launch later this year, paving the way for the internationalization of the city's stock market.

Geng Liang, chairman of Shanghai Stock Exchange, said in a briefing during the National People's Congress that the exchange is "actively preparing for the international board".