The local government is making moves to enhance its mergers and acquisitions (M&As) market, a move in tune with Shanghai's ambition to make itself a global financial hub by 2020.
The city will initially actively propel the construction of its financial market and M&A-related auxiliary services, especially the agents who facilitate deals, to aid these activities, said Shanghai Vice-Mayor Tu Guangshao on Thursday.
He said the local government is also considering setting up a China Mergers and Acquisitions Association in Shanghai.
Meanwhile, plans to open an M&A museum are also in the pipeline to help create an M&A culture in the city.
"We've made concrete efforts to encourage benign conditions to allow these plans to materialize," Tu said.
The M&A market, in turn, will help catalyze improvements in the city's financial market functions, structures, and systems, as well as boosting badly needed adjustments to its economic structure. This will help Shanghai further speed up its plans to become a global financial center by 2020, an ambition which was approved by the State Council in March 2009.
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