MNI China Press Digest May 26: SOEs, Shanghai, Capital Markets

Highlights from Chinese press reports on Friday:

• The Government will deliver a package of policies to support SOE engagement in strategic emerging industries, according to Zhang Yuzhuo, director at the State-owned Assets Supervision and Administration Commission. At a recent working group meeting, Zhang said SOEs needed policy support to develop emerging industries and achieve high-quality development, and win future competition. China needed SOEs to become national champions, make breakthroughs in core technologies and build industrial clusters in key sectors. (21st Century Herald)
• The Shanghai government will provide better services and supporting policies to develop emerging industries and deep technology, Gong Zheng, Shanghai's mayor said on a recent industrial tour. Shanghai needed to become a global centre for science and technology, and promote integration between innovation and industry. The mayor also highlighted Pudong New Area and Lingang Free Trade Zone as areas where recent legislation supported the development of high tech clusters. (Source: Yicai)
• Authorities in Beijing will take measures to enrich the product offering of China’s derivatives industry and accelerate high level opening up, according to He Qingwen, Chairman of the Financial Futures Exchange. At a recent forum He said foreign and domestic investor participation can be boosted by further opening up, as it will helping them overcome increased volatility in the capital markets. He acknowledged China’s derivatives market was still in its infancy and its product offering insufficient for the needs of investors. (Source: 21st Century Herald)