Shanghai is expected to establish a framework to build the city into an international financial center by 2010, according to the 11th Five Year Plan issued today.

By 2010, the city will have an internationally influential financial market system with mutual participation of both domestic and foreign investors; a diversified financial institutional system covering both domestic and foreign financial institutions; an innovative trading center of financial products that comply with Chinese economic development; and standard trading and legal systems equal to international practices.

To reach this goal, the city will enhance the establishment of a financial market system and its functions. By the end of 2010, the local monetary market will have a trading volume of 40 trillion yuan (US$5.1 trillion), the securities market will have a value of 7 trillion yuan, enabling it to become one of the most significant securities markets in Asia Pacific region and the local futures exchange to become one of the top 10 global exchanges.

The city will also strengthen the establishment of its financial institutional system and improve the local financial environment.