Shanghai Vice Mayor Tu Guangshao yesterday unveiled the city's ambition of establishing a global yuan cross-border clearing center, saying the financial system will take the city closer to its goal of being a global financial center.

Tu said at the Lujiazui Forum in Shanghai that infrastructure construction such as establishing clearing systems is important to the city's development in the financial sector.

"The city government wishes to set up a cross-border yuan clearing center in Shanghai. The request was sent to Beijing, and it has received a positive response from the People's Bank of China. To achieve this objective, of course we need to do more work of providing ancillary services," he said.

"Shanghai has made progress in establishing payment and settlement systems. China UnionPay has achieved wider business coverage in the city in recent years. Now they have a new plan - setting up CUP International in Shanghai, pushing forward global coverage of their services. The Shanghai Clearing House, which serves the inter-bank market, has also played a very important role in the city's clearing system."

In addition to building a powerful clearing system to process enormous amount of daily transactions, the establishment of a financial credibility system is also vital to the city's goal of becoming an international financial hub, Tu said.

"Two years ago, the credit information center of the People's Bank of China was set up in Shanghai. It is a nationwide, centralized and unified database of enterprise and individual credit information. At the moment it has collected credit information on about 810 million individuals and 18,030 enterprises and organizations. In 2011, it provided 241 million individual reports and 69.3 million company reports. We believe the credibility system is the key to the credit environment."

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