Today's Shanghai | News(2011)
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  March



  • Index likely to touch 3,000(3/28)
    Shanghai's key stock index is set to touch the 3,000-point level this week following last week's consolidation, but analysts rule out any sharp increase in the gauge until key quarterly economic data are released in April.
    Investors also seemed to have shrugged off the impact from the Japan earth quake and tsunami last week because the Shanghai Composite Index rose 2.44 percent to 2,977.81.
    But the average daily trading value fell 23 billion yuan (US$3.5 billion) from the previous week to 137.9 billion yuan as investors may have taken to the sidelines as the tension in Libya escalated.
    "The short-term hiccup caused by the Japan quake is gone, and the market may hit the 3,000 mark,"Shenyin & Wanguo Securities, a leading brokerage, said in a note.
    Last week's gain also showed investors have taken in their stride any impact of the People's Bank of China's decision to raise the reserve requirement ratio for commercial banks by 0.5 percentage point, announced on March 18 and effective last Friday.
    The reserve ratio hike is a common tool used by the central bank to drain cash from the economy to prevent funds from being used for speculative investment.
    Oil, metals and grain producers may rise after the PBOC forecast higher prices for the commodities globally in a report last Friday.
    The market will be closed next Monday and Tuesday for the Qingming Festival.--(3/28)

  • Shanghai sails closer to global hub target
    Shanghai is sailing closer to becoming a world shipping center by 2020 as it unveiled a new marine fund, a shipping freight rate exchange and a seaman evaluation center yesterday.
    "The launch of these new projects signals a higher level of financial services in the northern Bund region, which had more than 3,000 shipping companies at the end of last year," Sun Weiguo, Party secretary of Hongkou District, said in a statement yesterday.
    The Shanghai Shipping Industry Fund aims to raise 5 billion yuan (US$762 million) in the first phase to invest in ports, shipbuilding, modern logistics and other related industries. The fund may boost Shanghai's shipping finance services, which are presently underdeveloped compared with other major global shipping centers.
    China Shipping Investment Co, Guotai Junan Securities Co, Shanghai State-owned Assets Operation Co and Hongkou District State-owned Assets Operation Co will hold stakes in the fund manager, which will have a registered capital of 200 million yuan.
    The new Shanghai Shipping Freight Rate Exchange Co will develop derivatives based on various freight indices, including the Shanghai Containerized Freight Index, to provide hedging tools for cargo owners and shippers.
    The Shanghai Shipping Exchange, which has been publishing the Shanghai Containerized Freight Index since 1998, is the first one to track container freight as a complement to the Baltic Dry Index, which tracks freight for dry bulk goods.
    The seaman evaluation center will help cut the shortage of qualified sailors.--(3/26)

  • City symbol heralds spring
    The blooming of the white magnolia usually marks the arrival of spring. It was made the city flower by the Shanghai People's Congress in 1986, as its large white petals and its "eye"always looking towards the sky symbolize the pioneering and enterprising spirit of the city.--(3/25)

  • 3-day Qingming Festival marked on calendar
    The Shanghai Municipal Government yesterday announced public holiday arrangement for the upcoming Qingming Festival which falls on April 5.
    The festival, also known as the Tomb Sweeping Festival, is a three-day public holiday. This year it runs from April 3 (Sunday) to April 5 (Tuesday). April 2 (Saturday) will be made a working day.
    All government departments and organizations are urged to make adjustment according to the arrangement and ensure safety during the holiday. In case of an emergency, they should report immediately and handle it properly.--(3/24)

  • Expo & Show
    1. Dresden Orchestra
      Noted Shanghainese violinist Huang Mengla will join forces with the Dresden State Orchestra of Saxony. The program features Bruch's "Violin Concerto No. 1"and Tchaikovsky's "Symphony No. 5."
      Date: March 23, 7:30pm
      Tickets: 180-1,980 yuan
      Tel: 6217-2426, 6217-3055
      Venue: Shanghai Oriental Art Center
      Address: 425 Dingxiang Rd, Pudong
    2. Under Mehta's Baton
      Zubin Mehta will conduct the Orchestra Del Maggio Musicale Fiorentino from Florence. The program will feature three Verdi works "Overture to Sicilian Vespers,""Overture to Luisa Miller"and "Overture to The Force of Destiny.
      Date: March 23, 7:30pm
      Tickets: 180-1,680 yuan
      Tel: 6217-2426, 6217-3055
      Venue: Shanghai Grand Theater
      Address: 300 People's Ave
    3. Auto Show
      Themed "Innovation For Tomorrow,"Auto Shanghai 2011 will not only display latest models and components, but also hold various forums and events on car design and new technologies. Major domestic and international manufacturers will participate.
      Date: April 19-20 (media day), 21-22 (trade visitors' day), 23-28 (public day)
      Tickets: 50-100 yuan
      Tel: 962-388
      Venue: Shanghai New International Expo Center
      Address: 2345 Longyang Rd, Pudong
    4. Precious Photos
      To mark the 55th anniversary of Shanghai's landmark, The Peace Hotel, the "Exhibition of Famous People from Cathay to Peace 1929-2007"features black-and-white photographs of famous people who once stayed at the hotel.
      Date: through April 30, 10am-7pm
      Tel: 6321-6888
      Venue: Peace Gallery (inside Fairmont Peace Hotel)
      Address: 20 Nanjing Rd E.
    5. 'The Couple Show'
      The group exhibition featuring artist couples probes the many levels of man-woman relationships through either collaborative works or a pairing of two art pieces, covering themes such as love, domesticity, sex, parenting, cohabitation, partnering and power.
      Date: through May 12, 11am-9pm
      Tel: 6321-5757
      Venue: Shanghai Gallery of Art
      Address: 3/F, 3 Zhongshan Rd E1 --(3/22)

  • Online trade mars China's heritage
    Valuable Chinese relics are finding their way abroad through a growing online business that the authorities are finding hard to stop.
    According to the State Administration of Cultural Heritage, more than 200 online e-commerce websites are now offering platforms for the trading of Chinese cultural relics. Many of the websites are illegal and operating without a license.
    Although the administration has worked with police to crack down on the illegal trade and several sellers have been arrested after trying to get antiques and relics through customs, the business is still thriving.
    The administration's data shows that last year more than a million cultural relics and antiques were exported via the Internet, with a total transaction value of up to a billion yuan (US$152 million).
    Due to a lack of supervision of online shopping and auction websites, many relics under the protection of Chinese law have been sold to other countries, according to Xinhua news website News.cn.
    A Shanghai Daily investigation has found that Chinese cultural relics and antiques are hot items on the international e-commerce platform eBay.com, where around 49,000 Chinese antiques can be found for sale by both Chinese and foreign sellers. These range from old Chinese coins with a price as low as under a dollar to rare paintings from the Ming Dynasty on offer at prices up to US$20 million.
    Various kinds of vases, Buddha statues, masks and even ancient shrines can be found on sale at the shopping website.
    Some sellers claim their items are genuine by offering certificates from Chinese appraisers, while others say they acquired them at auction.
    According to a Hong Kong-based Chinese antiques seller on eBay, Chinese ink-wash paintings by ancient masters can be delivered to the buyer three to five days after payment.
    The seller said the antiques would be delivered under the guise of "handicrafts"so the buyers didn't have to worry about being caught by Chinese cultural heritage administrations and, moreover, they could avoid taxes at customs.
    "The Internet has become the important trading channel for Chinese cultural relics as it has all the advantages in trading such as high speed, low cost and wide coverage,"Shan jixiang, director of the State Administration of Cultural Heritage told News.cn. "If the chaotic online relics trading is left unattended, it will severely damage the safety of China's cultural heritage.--(3/21)

  • Rebound seen for key index
    Shanghai stocks may continue to rebound this week to above the psychologically important 3,000-point level as investors anticipate more positive policies during the annual sessions of China's top legislature and political advisory body.
    The Shanghai Composite Index ended at 2,942.31 last Friday,a 2.2-percent gain from a week earlier.
    "The time has come for the index to rebound to above 3,000," said China Development Bank Securities Co Ltd in a note.
    The brokerage sees the index from 2,880 to 3,000 this week.
    Other major brokerages are also optimistic about the outlook,with Rising Securities Co banking on the index to rise up to 3,050.
    In the past 16 years,the Shanghai market has rebounded 11 times during the meetings. Shares of companies that would benefit from industry development plans will be favored,observers said.
    Analysts suggested investors seek food and agricultural firms as the country combats inflation.--(3/7)

  • Approval for economic zone
    The Chinese government has approved plans for a new economic zone in the southwest to boost the economy of the inner western areas and promote balanced development among regions.
    Known as the Cheng-Yu (Chengdu-Chongqing) economic zone,the area will include 31 districts and counties in Chongqing City and 15 cities in Sichuan Province,according to a blueprint which was approved by the State Council,China's Cabinet,at a meeting on Tuesday.
    Covering an area of more than 200,000 square kilometers with a population of about 100 million people,the economic zone is meant to be a key economic center in western China.
    During the past three decades,China's coastal areas,including the Pearl River Delta,Yangtze River Delta and Bohai Bay,have witnessed significant economic growth,causing authorities to attach more importance to developing western areas,which cover 71 percent of China's territory,said Xu Fengxian,a senior researcher at the Economic Research Institute of the Chinese Academy of Social Sciences.
    "Sichuan Province generated more than 1 trillion yuan (US$152.23 billion) worth of gross domestic products last year,and Chongqing is the only municipality in western China.
    The two areas have been leading the development of the inner western region in terms of economy,technology,education and infrastructure."
    Yang Qingyu,a deputy to the National People's Congress and the director of Chongqing Development and Reform Commission,said yesterday that Chongqing and Chengdu,capital of Sichuan Province,are the main economies within the western interior.
    He said the construction of the economic zone,with the two cities as its economic centers,could help integrate resources for manpower,capital,technology and industries,and the natural reserves of the area as a whole.
    The Cheng-Yu economic zone is also expected to become a major modern industrial base for the entire country by 2015,according to the State Council meeting.
    During the past few years,China's industries in the coastal areas have been shifting inland,driven by rising labor costs on the coast and the country's strategy to open up its interior.--(3/5)

  • Traffic police make dodgers of plate-checks a priority
    The city's traffic police yesterday began to crack down on vehicles that remove their out-of-town plates or cover the numbers to dodge checks on Shanghai's elevated roads.
    Due to a tougher policy that restrict vehicles with such plates,police found drivers were trying to find ways to avoid checks and fines.
    Police said drivers "would face severe punishment" if they were detected trying to trick the authorities.
    In a check yesterday,a driver tried to smash through a checkpoint at 8am on a ramp on Hongjing Road in -Minhang District.
    The car with a Jiangsu Province plate sped up on approaching the ramp,said Yang Lei,a police officer. Yang followed and called for backup -- the car was stopped on the elevated road later,said Yang.
    The car only had a plate at the front,the one at the rear had been removed. "It's a common trick to dodge the cameras," said Yang.
    Drivers covering the plates or -defacing numbers will be fined 200 yuan (US$30) and get six demerit points on their license.
    Drivers who only violate the restriction will be fined 200 yuan,but will not get points.
    Police revealed that "fewer vehicles with out-of-town plates are seen on elevated roads now."--(3/4)

  • Glimpse of Disney plans
    Water will be a prominent feature of Shanghai Disneyland,according to artwork providing a tantalizing glimpse of the forthcoming theme park.
    Though the plan unveiled by the Walt Disney Company is short on detail,it appears to include a castle,a mountain and numerous lakes and rivers running across the first Disneyland on China's mainland.
    However,the traditional Main Street USA themed land does not appear to feature,leading to speculation that the Shanghai Disneyland entrance will differ from the usual Disney template.
    However,pictures of exploding fireworks and thick cloud block out some details of the design,which is still at the draft stage.
    The Walt Disney Company gave a peek of how Shanghai Disneyland may look at the 2011 Investor Conference in the United States recently.
    Tom Staggs,chairman of Walt Disney Parks and Resorts,called Shanghai Disneyland "our most exciting opportunity since Walt first bought land in Florida in 1964."
    Meanwhile,Shanghai expects the future theme park to boost its status as a world tourism city -- which the city has pledged to do within five years.
    The phase 1 Disneyland is expected to attract 7.3 million visitors a year when it opens in 2015. Shanghai Disneyland will feature three theme parks -- "Magic Kingdom," details of which have been made public,and possibly "Epcot" and "Animal Kingdom."
    Large-scale construction could start as early as May. --(3/3)

  • Work on 3 Metro lines begins
    Work is under way on a new round of Metro construction that will see three new lines created and another extended,the subway authority announced yesterday.
    By 2014,the city should have 14 lines with a network of more than 500 kilometers of track,said Shanghai Shentong Metro Group.
    Among the projects under construction are Metro Line 12,Line 13 and Line 16. To date,there is no Line 14 or 15.
    Line 12, linking the northeast of the city to the southwest,will have 32 stations along 40 kilometers,passing through eight districts. Passengers will be able to transfer to Line 1 and 13 at Hanzhong Road Station,to Line 2 and 13 at Nanjing Road W. Station and to Line 1 and 10 at Shaanxi Road S. Station.
    Line 13 will include 14 stations,with 16 kilometers of track stretching from suburban Jiading District to downtown Jing'an District. Three stops on Line 13 were in operation during the World Expo last year. The full line is expected to include this section,and extend to Pudong New Area,said the authority.
    Line 16,which will have 13 stations,will mainly operate in Pudong's Nanhui area. It will connect to Line 2 and 7 at Longyang Road and end at Lingang New City.
    In addition to the three new lines,the authority is extending Line 11. Its 21-kilometer second phase stretches from Jiangsu Road Station,crossing the Huangpu River and linking to Pudong's Luoshan Road Station.
    The extension,which includes 13 stops,will ease pressure on Line 2 to Pudong,said officials. Passengers can transit to Line 6 and 8 at Pudong's Jiyang Road Station. --(3/2)

  • Spring Festival travel season wraps up
    The city's Spring Festival travel rush ended over the weekend as migrant workers and tourists returned to town by plane,rail,bus and ferry.
    The city's two airports handled a total of 7.69 million passengers during the 40-day rush that began on January 19,said the airport authority.
    While the Shanghai South Long-distance Bus Terminal delivered more than 935,000 passengers,a 10 percent increase from last year's same period.
    Shanghai Railway Police said yesterday they had detained 201 train ticket scalpers since January 9 and confiscated 677 tickets worth more than 175,000 yuan.
    The police also caught seven fugitives and seized 12,041 pieces of explosives or inflammable goods to ensuring the safety of more than 13 million travelers during the holiday period.--(3/1)

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