August 14, 2009

The plan for restructuring Shanghai-based State-owned financial enterprises was unveiled Thursday by the Shanghai government.Measures include the municipal government supporting key financial enterprises to form capital supplementary mechanisms through IPO listings and assets replacements, expand market share, and improve efficiency through mergers with other financial companies.

A source close to the matter says reforms were recently implemented on financial industry restructuring, transformation of functions, and other relevant measures. The total amount of capital from State-owned financial enterprises is about 70 billion yuan.The notice was a guideline describing concepts, strategy and leadership.