Economic Observer Online
May 24, 2012 
By Chen Zhe (陳哲)
Translated by Tang Xiangyang
Original article: [Chinese]

 
Shanghai, whose stock exchange is mulling plans for an International Board with listings of foreign firms, would prefer that multinationals list their global businesses rather than just their Chinese units, said Fang Xinghai, director of the city’s financial office.

Fang, who was attending the Sino-Euro Lujiazui Financial Forum, said international companies that want to be listed on the Shanghai International Board can chose to register their Chinese business or the parent company.

“We prefer [listings of the parent company] because the other option is more expensive… [parent company listings] also fit with our plan of making Shanghai an international financial center, though it’s more challenging,” he said.

Fang is also a policy consultant for financial reform in the city of Wenzhou – he said that the details of reform hadn’t yet been settled.

“I’m a Wenzhou local. I have lots of friends and family there. There are lots of wealthy people. The essence of the experimental reform is establishing a free supervision system,” said Fang, adding that financial reform is normally drawn up at a national level and that it’s hard to imagine a small area managing its own reforms.