Shanghai to widen financing channels

SHANGHAI will improve and diversify financing channels to support innovation and development of small and medium-sized firms as the city continues to transform and upgrade its economic structure, a forum heard yesterday.

During a meeting of the Shanghai Committee of Chinese People's Political Consultative Conference, top government officials, researchers and enterprise representatives said they also discussed ways to encourage overseas visitors to spend more and also how to create a more friendly business environment.

Tu Guangshao, Shanghai's vice mayor, told the annual advisory session that Shanghai will reduce the dependence on bank loans in the financing system and instead will expand other forms of lending such as trust loans and corporate bonds.

Tu said that "Shanghai has started to shift focus onto SMEs and trust loans."

Tu added that Shanghai will unveil new measures in tax, resources and business services to improve the city's business environment and economic structure.

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