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Essential markets |
Essential markets, such as stock exchange, futures, human resource, housing and diamond gathered in Pudong, playing its unique role and making a main force of the market so as to satisfy the demand of financing of the investors and companies. It plays an essential role in enhancing the efficiency of distribution of social resources and expanding the distribution as a support to the economic development of Shanghai, the Yangtze Delta Region even to other areas in mainland China.
The essential markets with stock exchange, futures and property right, has been growing in a rich variety. The Shanghai Stock Exchange has become the fourth biggest in the Asian and Pacific Region, with a total transaction reaching 9191.232 billion yuan, or 84.9% up. The transaction on stock doubled at 5781.6 billion yuan, while that on fund contributed 102.435 billion yuan, rising by 77.6%, government bond 1702.472billion yuan, dropping by 35.5%. Transaction in futures at the Shanghai Futures Exchange hit 12610.057 billion yuan, taking up 60.03% of the total amount in the country, rising by an amazing rate of 92.81% at home and abroad. The transaction on natural rubber hiked 2.6 times and the fuel oil, exceeding five times.
The Shanghai United Assets and Equity Exchange run more under market economy, had a transaction of 84.412 billion yuan, or 2.3% up. The transaction on individual cases rose by 21.18%. The Shanghai Property Market took the lead in transaction size and efficiency across the country. It acted as a platform for reform on State-owned or state-funded companies, attraction of social and foreign capital, upgrading production, technology innovation and the construction of layered essential market. In September 2006, the Financial Futures Exchange was set up in Pudong, the first step toward venture management center and financial product exchange. The index futures will start up the Chinese Financial Futures Exchange, open business for a variety of financial products making Pudong the innovation center of financial products and venture management, elevating Pudong's priority in the financial market.
A quite favorable situation was seen in other essential markets in 2006. Holding a principle of best service and reformed system, the Shanghai Real Estate Center made wonderful results in market supply and manipulation on both sides of buyers and sellers. The work on the registration system went on through the online publication of business information. The number of 0.9669 million cases of registration of a variety of property was handled, 330 developers had been certified for doing business online. An additional 705 projects were put online for sale, and extra 1,966 units were opened. 164,700 units of residential building was subject to preliminary selling contracts with a total amount of 169.073 billion yuan, covering an area of 18.4078 million square meters, while 56,900units of residential building was subject to sales contracts with a total amount of 44.844billion yuan and an area of 6.1851million square meters.
A breakthrough of 0.6billion US dollars, reaching 0.61 US dollars(44.4% up),occurred in the annual import and export and transaction in Shanghai Diamond Exchange. The import volume on diamond was 0.573 billion US dollars (39.8% up), and the transaction volume of diamond hit 36.0535 million US dollars (208% up). The valued added tax on the diamond import was 0.131 billion yuan, or 19.1% down. By the yearend, the number of member companies of Shanghai Diamond Exchange reached 190, with 30 new members. The Shanghai Employment Corporation, Ltd made progress in talent assignment and hunting, equipped with a professional team. The assignment service was the third in the field in Shanghai and the hunting service was on the rise and became increasingly influential. A joint team was formed with a new investor --- Randstad Group, a multi-national human resource company. Shanghai Pudong Property Agency, Ltd offered an honest service and abides rules and regulation, making contribution to the transaction of properties of state-owned companies and improving Asymmetric Information. The sale price of the state-owned property indicated the market price. 57 contracts concerning 1.132 billion yuan were signed in property transaction of state-owned companies.
With a fully developed essential market, the financial market system of Pudong had been improved, standing at a layered structure of stock market, foreign exchange market, commodity futures, financial future market and diamond exchange market. Backed up by this, Pudong has become the center for financing and capital management of the financial institutions and the price-setting center of major financial management in mainland China.
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