GUANGZHOU plans to develop a gold market and expand its forex futures market and other financial sectors.
The People's Bank of China's Guangzhou branch president, Kuang Baoling, yesterday said the city would continue to develop its forex futures market, for which it had been chosen to run a pilot programme by the Government.
The city would also try to develop a gold market, learning from the experience of Shanghai, which had been appointed as the pilot for the project, he said.
''We will see how Shanghai runs the system, and then decide how to operate our own system,'' he said.
The city was also encouraging foreign banks to set up branches there, he said.
''We are working to provide a good environment for foreign banks to set up branches in Guangzhou,'' Mr Kuang said. ''Many foreign banks have shown an interest.'' Six foreign banks have branches in the city, and 23 have set up representative offices.
Guangzhou is also trying to establish a centralised capital and money market that can form part of a network with other markets throughout the country.