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Beijing’s does not intend to replace Shanghai as China’s financial capital or compete with it for international recognition, Beijing Finance Office director Huo Xuewen told the National Business Daily. His remarks came after the Beijing government announced Friday that the Chinese capital plans to build a globally influential financial center. The two-day 2008 Lujiazui Forum, which ran over the weekend in Shanghai and was attended by top officials from China’s central bank, banking, securities, and insurance regulators, and prestigious foreign financial institutions, had a focus on Shanghai’s attempt to develop into a global financial powerhouse. Huo said Shanghai’s plan is a national strategy and supported by the government, adding that Beijing just wants to play its role as a financial policy maker given it does not have any trading bodies for financial products.

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