<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published November 16, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>APEC 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Shanghai can join financial centres' club: PM Lee
The Chinese city has every potential to grow into a regional hub, he says at a media conference
By ANNA TEO
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THERE'S enough business for more than one financial centre in Asia, said Prime Minister Lee Hsien Loong.
=> So why axe Sporns and replace them with FTrash if there's so much biz to go around?
Asked at a media conference if he sees Shanghai replacing Singapore and Hong Kong one day as the international financial centre in Asia, Mr Lee said the Chinese city has 'every potential' to grow into a regional hub.
'As the Chinese say, it is the dragon's head of the Yang Tze River and a tremendous vibrant economy and a financial centre for China. And there is no doubt that its role will continue to grow in prominence.'
But it takes more than just domestic vibrancy to become an international financial centre, he pointed out, citing the need for rule of law, legal framework, global talent and a critical mass of activities.
In any case, there are different financial centres in Asia - Tokyo, Hong Kong, Singapore, even Sydney, and 'there will be Shanghai', he said.
'How they divide up the financial requirements and the financial services amongst themselves, and how they serve different parts of Asia and play different roles will evolve over time.'
Singapore and Hong Kong, for example, both do well but both have slightly different niches, Mr Lee said.
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</TD></TR></TBODY></TABLE>'Singapore is more omni-directional, covering Southeast Asia, India, as well as East Asia and Australasia. Hong Kong is now more focused on North-East Asia and China. And I think we both get along well and there is business for both of us. So we look forward to Shanghai prospering and to us being able to cooperate with Shanghai as part of the vibrancy of the region.'
Mr Lee, who was fielding questions at the close of the Apec Leaders' Week at the Suntec convention centre, also confirmed that their discussions did touch on currencies, but did not go in depth.
'Some of the leaders expressed their concern over the possibility of currency movements which could become unstable and also the potential problems which could arise if governments have to intervene continually in order to manage the currencies.' Mr Lee did not elaborate.
According to Reuters, China and the United States didn't quite see eye to eye on exchange rates yesterday, resulting in a reference to 'market-oriented exchange rates' being cut from the Apec leaders' declaration issued at the end of their two-day talks.
An earlier draft - drawn up and agreed to at a meeting of Apec finance ministers on Thursday - pledged the 21 member economies to 'undertake monetary policies consistent with price stability in the context of market-oriented exchange rates that reflect underlying economic fundamentals'.
China has been under pressure to strengthen its yuan, and the issue - Chinese monetary policy and related trade tensions, particularly with the US - is expected to come up when US President Barack Obama meets Chinese leaders this week.
The US leader left Singapore last night for Shanghai to begin a four-day visit to China.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>APEC 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Shanghai can join financial centres' club: PM Lee
The Chinese city has every potential to grow into a regional hub, he says at a media conference
By ANNA TEO
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
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=> So why axe Sporns and replace them with FTrash if there's so much biz to go around?
Asked at a media conference if he sees Shanghai replacing Singapore and Hong Kong one day as the international financial centre in Asia, Mr Lee said the Chinese city has 'every potential' to grow into a regional hub.
'As the Chinese say, it is the dragon's head of the Yang Tze River and a tremendous vibrant economy and a financial centre for China. And there is no doubt that its role will continue to grow in prominence.'
But it takes more than just domestic vibrancy to become an international financial centre, he pointed out, citing the need for rule of law, legal framework, global talent and a critical mass of activities.
In any case, there are different financial centres in Asia - Tokyo, Hong Kong, Singapore, even Sydney, and 'there will be Shanghai', he said.
'How they divide up the financial requirements and the financial services amongst themselves, and how they serve different parts of Asia and play different roles will evolve over time.'
Singapore and Hong Kong, for example, both do well but both have slightly different niches, Mr Lee said.
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Mr Lee, who was fielding questions at the close of the Apec Leaders' Week at the Suntec convention centre, also confirmed that their discussions did touch on currencies, but did not go in depth.
'Some of the leaders expressed their concern over the possibility of currency movements which could become unstable and also the potential problems which could arise if governments have to intervene continually in order to manage the currencies.' Mr Lee did not elaborate.
According to Reuters, China and the United States didn't quite see eye to eye on exchange rates yesterday, resulting in a reference to 'market-oriented exchange rates' being cut from the Apec leaders' declaration issued at the end of their two-day talks.
An earlier draft - drawn up and agreed to at a meeting of Apec finance ministers on Thursday - pledged the 21 member economies to 'undertake monetary policies consistent with price stability in the context of market-oriented exchange rates that reflect underlying economic fundamentals'.
China has been under pressure to strengthen its yuan, and the issue - Chinese monetary policy and related trade tensions, particularly with the US - is expected to come up when US President Barack Obama meets Chinese leaders this week.
The US leader left Singapore last night for Shanghai to begin a four-day visit to China.
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