Huangpu better for business, forum told

Yang Jian
District aims to create Shanghai's best business environment safeguarded by a complete legal system within three years, according to its top official.
Yang Jian

Huangpu District aims to create Shanghai's best business environment safeguarded by a complete legal system within three years, the top official of the downtown district said on Tuesday.

The district, featuring the Bund financial hub on a par with Lujiazui on the opposite side of the Huangpu River, is expected to become a demonstration zone for comprehensive financial supervision and management, Gao Yun, Party secretary of Huangpu, told the 9th Bund Financial Law Forum.

Huangpu will explore communication and cooperation in financial judicial practices involving foreign companies with the support of the district's financial court, prosecutor's office and the Shanghai Financial Court based in Huangpu, Gao said.

A business disputes resolving system will be established in Huangpu to protect the legal rights of business operators and improve their satisfactions, he said.

The Bund financial arbitration center will help develop complete financial risk alert, prevention and resolving institutions.

The district will also further enhance the protection of intellectual property rights and crack down on illegal businesses, he added.

Over 300 professionals from the financial and legal sectors as well as listed companies attended the forum, hosted by the Shanghai Bureau of Justice, the Huangpu government and the Shanghai Bar Association. Officials and experts shared opinions on the opportunities and challenges facing China's financial market.

The Bund financial hub has attracted 664 licensed financial companies and institutions. The annual growth of the financial sectors in Huangpu is over 11 percent and account for over 40 percent of the district's GDP, Gao said.

The district is converting more historical buildings on the Bund to be home to headquarters and offices for more financial companies and institutions to Huangpu, he said.

The district government has launched a “protective renovation” campaign on the back rows of historical buildings on the Bund to expand the scale of the financial hub. Some 150 buildings on the second and third rows along Sichuan Road S. and Jiangxi Road S. will be renovated while preserving their historical appearance.

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