Retailers told to alter business model(11/29)
Traditional retailers should change their business model and develop more products of their own to meet the challenge from online vendors, a senior official has said.
"Retailers need to focus again on the products they sell, instead of paying too much attention to renting out counters," Xu Wenjie, director of the Trade and Commerce Administration Department at the Shanghai Commission of Commerce, said yesterday.
"Selecting or developing your own products requires much more knowledge and better skills but it seems like the only way traditional retailers can compete with online shops," Xu said.
Currently, most department stores in Shanghai depend on renting out their counter space to make money. They look more like property management companies than retailers, the official claimed.
One way to diversify is to develop private labels, or those branded with the name of retailers. They have become more common in local supermarkets and hypermarkets, and may emerge in department stores.
The annual Private Label Fair, which will be held at the newly built Shanghai Convention & Exhibition Center on December 11-13, may provide an opportunity for retailers to learn and try to develop their own brands and products.
Private label has a history of 20-plus years in developed markets where retailers try to differentiate themselves from the competition in a bid to make more profits.
In the West, private label products account for more than a third of retailers' total stock. In China, it was less than 5 percent five years ago, the commission said.
Index sees 1st gain in 5 days to over 2,200(11/28)
Shanghai's key stock index rose yesterday, the first gain in five days, to end above 2,200 points, as financial and railway firms benefited from positive comments.
The Shanghai Composite Index added 0.82 percent, or 18 points, to 2,201.07.
Financial shares were buoyed by remarks from central bank Governor Zhou Xiaochuan at a forum on Tuesday that China will accelerate financial reforms such as interest rate liberalization, realizing capital account convertibility and intervening less in the foreign exchange market.
"Non-banking financial companies are expected to be the biggest beneficiaries of China's reform," Guotai Junan Securities said.
CITIC Securities, China's biggest listed brokerage, rose 3.1 percent to 12.91 yuan (US$2.12). Sinolink Securities Co surged by the daily 10 percent limit to 17.69 yuan.
Railway companies also gained after Premier Li Keqiang said China will participate in the building of a railway line between Hungary and Serbia.
CSR Corp, China's biggest train maker, rose 2.9 percent to 5.28 yuan. China CNR Corp, the second-largest, gained 1.6 percent to finish at 5.61 yuan.
Cold wave to drive down temperatures(11/27)
The suburban areas are expected to see freezing mornings with lows of minus 1 to 3 degrees Celsius and black ice due to a cold wave that is expected to hit the city from today.
Weather forecasters said the cold chill will remain tomorrow and on Friday.
The cold wave, which will hit the city early today, will push the mercury down by 6 to 8 degrees.
The Shanghai Meteorological Bureau issued a warning about the cold wave at 8pm yesterday and asked residents to keep warm.
"China divides cold air into five levels -- weak cold air, moderate cold air, less strong cold air, strong cold air and cold wave. Cold wave is the strongest one," said Fu Yi, a chief service officer at the bureau.
A cold wave is a weather phenomenon that is distinguished by a cooling of the air. According to Fu, a cold wave refers to a rapid fall of 8 or more degrees in temperature within a 24 hour period, or a drop in temperature of 10 or more degrees within 48 hours, to a low of 4 degrees or below. However, the skies will be a mix of sun and clouds during the cold wave.
A slight increase in temperatures is expected on Saturday.
"As there were lows above 10 degrees in December in the past five years, it is possible it could be the same this year," said Fu.
A moderately polluted air condition was reported yesterday with the AQI reaching up to 200 from 11am to 1pm.
PM10 particles were marked as the main pollutant with a density peaking above 360 micrograms per cubic meter at 10am, about 2.4 times the nation's limit of 150.
The PM2.5 particles density was also reported high as it peaked 140 micrograms per cubic meter at 9am, nearly doubled the limit of 75.
The Shanghai Environmental Monitoring Center predicted a better air quality for today as the weather conditions will drive out the pollutants.
Shanghai starts carbon trading today(11/26)
Shanghai will launch its carbon trading platform today as part of China's efforts to use market mechanisms to fight climate change.
The trading platform will be launched in the Shanghai Environment and Energy Exchange in Hongkou District and will be followed by the inauguration of a similar one in Beijing on Thursday.
About 200 companies, including steel mill Baosteel and hotel operator Jin Jiang, will participate in Shanghai's carbon trading initially.
The two cities were among the seven provinces and municipalities chosen by China's top economic planning agency, the National Development and Reform Commission, in late 2011 to trial carbon markets. Shenzhen became the first Chinese city to start carbon trading when its online platform began in June.
In carbon trading, a cap is set on the amount of carbon dioxide that may be emitted, and the limit is given to participating firms in the form of carbon credits, or the right to discharge a specific volume. Companies have to buy credits for emissions above allocated quotas on the platform.
According to Shanghai's carbon trading rules signed by Mayor Yang Xiong earlier this month, participating firms could face a fine of up to 100,000 yuan (US$16,400) and lose government subsidy on energy saving and emission cut the next year for noncompliance.
Xie Zhenhua, vice director of the NDRC and China's chief climate negotiator, said in Warsaw last week that the pilot carbon markets will not only allow China to cut carbon emission intensity but also help industrial restructuring.
The country intends to create a national carbon trading system after 2015 following the regional trials.
US Congressional Staff Visit Shanghai(11/25)
Under the invitation of the Chinese People's Institute of Foreign Affairs, the 92nd US Congressional staff delegation, organized by US-Asia Institute, visited Shanghai in early November. The 10-member delegation, led by Harron Khan, Deputy Staff Director at US Senate Committee on Banking, Housing & Urban Affairs, visited places including Shanghai Institutes for International Studies (SIIS) and China (Shanghai) Pilot Free Trade Zone during their stay.
At SIIS, the two sides carried out heated discussion covering a variety of topics, including opening of the financial sector, interest rate and the prospects of China-US military cooperation.
At China (Shanghai) Pilot Free Trade Zone, Vice Chairman Wang Xinling of the Administrative Committee briefed the delegation and offered an outlook on the Free Trade Zone. Khan remarked that the world pays close attention to the Free Trade Zone as it indicates China's commitment to further opening-up and trade liberalization. He hoped for success of Shanghai's reform initiative, which then can be swiftly replicated to other Chinese cities.
100 years of historic Shanghai English-language newspaper available at libraries(11/23)
The English-language North China Daily News, which published for more than a century, has been digitalized and can be viewed on computers inside Shanghai Library and The Bibliotheca Zi-Ka-Wei.
"This paper reported China from the perspective of Western media. It is highly valuable as a reference to study Shanghai history," said Lu Jian, the director at the library's information center.
Also known as Tzu Lin His Pao, the paper was one of the earliest modern newspapers in China, founded by British auctioneer Henry Shearman in 1850, and published for more than a century before it was closed in 1951.
Featuring shipping and commercial news, "North China Daily News" gradually became famous for its reporting and opinion pieces on current affairs, with famous contributors like Frederic H. Balfour (1871-1908), a preeminent Sinologist who translated and wrote about Taoist texts.
It was the major information source for expatriates in Shanghai, while Chinese officials and merchants also paid close attention to understand foreign attitudes. At its peak, daily circulation reached 7,817. Its former 10-story building, No. 17 on the Bund, was designed as the tallest office building in Shanghai in 1921.
Shanghai Library has digitalized all issues of the paper from 1850 to 1951, totaling more than half a million pages. Visitors can access the pages, available on the computers inside the local reference room of Shanghai Library and The Bibliotheca Zi-Ka-Wei, with a library card for reference reading.
Passports are required for expats to apply for a library card, free of charge. For the library card allowing reference lending, a deposit of 1,000 yuan (US$164) is needed.
High winds to clear out poor air quality(11/22)
Shanghainese woke up yesterday to a smoggy morning and moderately polluted air, but the weather forecasters have predicted today would be reasonably better off with high winds cleaning up the pollutants in the air.
Visibility, however, will likely remain low in the morning.
"It will be windy tomorrow, which will make the air quality better," said Zhu Jiehua, chief a service officer of the Shanghai Meteorological Bureau. "But low visibility is possible in the morning because of high humidity."
The average PM2.5 density yesterday remained above 106 micrograms per cubic meter, while the national limit is 75.
Shanghai's Air Quality Index touched 198 at 7am yesterday and remained above 130 till midnight. Although the polluted air eased in the afternoon due to an easterly gust, light smog still hung over the city.
Warmer temperatures were back yesterday with a high of 18.1 degrees and a low of 10.9 degrees. Today's high is expected to be the same and will edge up to 19 degrees tomorrow -- the highest for the week. But a cold chill on Sunday will push the mercury down to 14 degrees on Monday.
It will be partly cloudy today and tomorrow, while it will be overcast with light drizzles on Sunday, the bureau said.
Greenland to invest in 2nd project in S. Korea(11/21)
Shanghai Greenland Group Co has agreed to invest 6 billion yuan (US$983.6 million) in a mixed-use project on Jeju Island, South Korea's most popular tourist destination, as the Chinese company continues to expand overseas quickly.
The 218-meter-tall Jeju Dream Tower -- the company's second project on the island -- will comprise 1,000 luxury serviced apartments, an upscale hotel, various entertainment facilities as well as duty-free shops with total gross floor area exceeding 300,000 square meters, said Greenland, which signed an agreement yesterday with a subsidiary of Lotto, one of South Korea's key conglomerates.
"The new project is a further demonstration of our optimism in Jeju Island where our first project has received very positive feedback from investors, the majority of them Chinese mainlanders," said Zhang Yuliang, chairman of Shanghai Greenland. "We will remain committed to expanding our overseas presence at a rather fast pace as we continue our globalization process."
The construction of the twin-tower project, touted as the highest on Jeju on completion, will take about three years, Greenland said. The company targets Chinese buyers for the apartments.
Greenland may reap over 2.5 billion yuan from its overseas operations, including in South Korea, Australia and the US, this year and above 10 billion yuan next year.
Still autumn, though cold's on way(11/20)
A warmer and dry start to the weekend is forecast, with highs of 19 degrees Celsius, before wet and cold weather arrives on Sunday, forecasters said yesterday.
Yesterday morning saw a low of 1.3 degrees in Fengxian District, the lowest since the meteorological autumn started.
In Qingpu District, the mercury dropped to 1.5 degrees, while in other districts the low was between 2 to 4.4 degrees.
Today will be sunny with temperatures ranging between 6 and 17 degrees. Frost is possible in suburban areas in the morning when the mercury is likely to remain below 5 degrees.
As the weekend approaches, temperatures are set to rise, with lows of 11 degrees forecast on Friday and Saturday and highs up to 19 degrees.
Overcast conditions are forecast on Thursday and Saturday, while Friday should see sunny spells.
But a front of cold air from northwest China will arrive on Sunday, bringing rain and sending the mercury plummeting.
Tomorrow is the 20th solar term xiao xue -- minor snow -- indicating that the weather is becoming colder with the arrival of frost and snow.
However, the Shanghai Meteorological Bureau said the city is still in meteorological autumn.
Meteorological winter is determined as starting after the average temperature stays below 10 degrees for five consecutive days. The first day is the first day of winter.
"Although it feels cold, we are unlikely to see winter's arrival this week as the average temperatures on Monday and Tuesday were both above 10 degrees and the mercury is forecast to rise through the weekend," said Zhang Ruiyi, a forecaster at the bureau.
But Zhang said that this year's late start to autumn doesn't mean the city should expect a late start to winter.
"For example, 1975 saw autumn arrive late, in mid-October, and winter begin early, on November 22, compared with other years," said Zhang.
Air quality yesterday was lightly polluted. The Air Quality Index reached 119 at midnight with the main pollutant PM2.5 particles.
Their density peaked at about 140 micrograms per cubic meter at 10am -- 1.87 times the nation's standard of 75.
Shanghai fair strikes it rich with big deals(11/18)
The four-day 2013 Shanghai Art Fair, which ended yesterday and attracted nearly 60,000 visitors, struck trade deals worth 140 million yuan (US$23 million).
Lu Liang, the owner of the Lu Gallery, said many of the traditional ink-wash paintings from his gallery were sold out.
"People have now started to fuse their life with art and culture," Lu said. "The reason is simple -- when you have the bread in life, you demand some things spiritual."
Besides the original art works, some of the limited edition prints, tagged around 10,000 yuan, also sold well.
"We did not expect that these prints would be favored by young people," said Hua Yuzhou of the Hwa's Gallery.
Gu Zhihua, director of the fair, said the number of local collectors is increasing every year. "As far as we know, there are about 4,000 art collectors in Shanghai and they need a platform to communicate with each other," Gu said.
Metro Line 16 on track for opening next month(11/16)
Final tests are taking place on the new Metro Line 16, which runs to Lingang New City in the Pudong New Area and is set to go into service next month.
The Metro operator said yesterday that it had finished primary debugging on the 12 trains that will run on the route.
Trains will have three carriages initially, and in the future the number may increase to six, depending on passenger volumes on the new line.
The 58-kilometer route connects Lingang New City to Luoshan Road, where Line 11 terminates, and Longyang Road on Line 2.
An 11-stop section from Luoshan Road Station to Dishui Lake Station will open first, with Longyang Road and Huaxia Road M. stations coming into use later.
Seats on Line 16 trains will be arranged differently to those on other Metro lines.
Instead of a row of seats along each side of a carriage, Line 16 train seats will be arranged like those in trains, to make the comparatively long ride more comfortable.
The line will have three running modes: stop at large stations; stop at every station; and non-stop.
The operator said this takes into account that some communities are not fully developed, while others are relatively mature.
Lingang New City is about 75 kilometers from downtown Shanghai.
Shanghai buyers pull in 15% of asset sales(11/15)
Shanghai residents contributed 15 percent to the overall transactions of asset-management products sold on Taobao during the Single's Day shopping festival, Alibaba said yesterday.
One Shanghai female resident became the single largest buyer after she paid 1.5 million yuan (US$241,935) worth of wealth-management products sold by a Shanghai-based insurance company.
Shanghai was followed by Beijing and Hangzhou.
Three fund and insurance companies -- E Fund Management Co, Guohua Life Insurance and Sino Life Insurance -- and 14 apparel and home appliance vendors broke the online transactions threshold of 100 million yuan during the Single's Day online shopping frenzy on Monday.
E Fund Management Co's bond market fund was the best selling product of all asset management products sold on Taobao with a total transaction volume of 339 million yuan and 34,887 orders.
Energy exchange in Shanghai Free Trade Zone approved(11/14)
The Shanghai Administration of Industry and Commerce has approved the establishment of Shanghai International Energy Exchange in the Shanghai Pilot Free Trade Zone with a registered capital of 5 billion yuan (US$821 million).
The Energy Exchange, so far the largest financial institution in the zone, is a joint venture between Shanghai Futures Exchange and Shanghai Futures Information Technology Co. It is the fifth national futures exchanges approved by the China Securities Regulatory Commission.
The Shanghai International Energy Exchange will specialize in crude oil, natural gas and petrochemical transaction.
Expats lose 24m yuan to conmen(11/13)
Two expats were swindled out of 24 million yuan (US$3.9m) in telecom scams in the Pudong New Area, police said yesterday.
According to police, expats and Chinese returnees are among swindlers' targets, as most lack knowledge on Chinese law and precautions to avoid telecom scams.
An expat reported to Pudong police on October 28 that a swindler claiming to be an official with a judicial body told him to transfer money to a "safe account."
He made several transfers and was swindled out of 20 million yuan within a week.
On the same day, another expat in Pudong reported losing 4 million yuan in a scam.
The two cases are still under investigation.
Police officer Mi Yiming said people such as company executives and expats seemed more easily conned.
"They are confident about their judgment and pay less attention to our publicity on preventing scams."
New home sales rise to 6-week high(11/12)
Strong sentiment in the mid- to low-end housing segment lifted new home sales in Shanghai to a six-week high, latest market data showed.
The purchases of new homes, excluding government-subsidized affordable housing, rose 8.2 percent week on week to 406,600 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
"It's a little bit surprising to see the weekly volume exceed the 400,000 square-meter threshold in early November after strong home sales were registered in September and October," said Lu Qilin, a Deovolente researcher. "Notably, mid- to low-end projects seemed very popular among home buyers."
The average cost of a new home fell 4.4 percent to 24,405 yuan (US$4,000) per square meter in Shanghai last week, the first time in four weeks that it has fallen below the threshold of 25,000 yuan per square meter, the report said. Half of the city's 10 best-selling projects were sold under 20,000 yuan per square meter.
The city saw 493,200 square meters of new homes released last week, a week over week jump of 16.8 percent.
But Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co, said "the current strong momentum may probably ease over the next couple of weeks" because the local government last week unveiled new tightening policies to cool the overheated market, which include bigger down payment for second home buyers and a higher threshold for non-locals to qualify for home purchase in Shanghai.
Shanghai delegation visits Ireland and Greece(11/11)
Wu Zhiming, chairman of the Chinese People's Political Consultative Conference Shanghai Committee, led a Shanghai delegation to visit Ireland and Greece from November 4 to 11. They met government and parliament officials in both countries and signed cooperative agreements with Irish city of Cork and Greek capital of Athens.
In Dublin, Wu met Sean Barrett, speaker of the Lower House of the Irish Parliament, and Paddy Burke, speaker of the Upper House, separately, and discussed the cooperation between Shanghai and Ireland in economy, culture, education and social management.
Wu then met with Catherine Clancy, mayor of Cork, and both noted that the two cities have enjoyed fruitful cooperation in economy, education and culture since they became sister cities in 2005.
The Shanghai delegation visited the Confucius Institute at University College Cork, some local communities and a free trade zone. They also attended the opening of a Chinese painting exhibition by Shanghai University.
In Athens, Wu met Vangelis Meimarakis, speaker of the Hellenic Parliament, Christos Polyzogopoulos, president of Greek Economic and Social Council, and Olga Kefalogianni, minister of tourism. They all agreed that Shanghai and Greece should expand cooperation in shipping, trade and tourism.
During their meeting with Athens Mayor Giorgos Kaminis, officials representing both cities signed a memorandum of understanding for increased cooperation in the next five years.
Shanghai's PM2.5 density nearly 4 times China limit(11/8)
Shanghai experienced this autumn's first heavily polluted day yesterday with the PM2.5 density nearly four times the national limit.
Serious air pollution saw most areas of the city enveloped in a haze early yesterday. The PM2.5 density rose to 240 in the morning, dropped to 160 by late afternoon but soared again in the evening.
By 8pm last night, it had peaked to a hazardous level of about 270 micrograms per cubic meter ！ nearly four times the national limit of 75.
PM2.5 refers to airborne particles which are smaller than 2.5 micrometers in diameter. They are the main cause of urban smog and are harmful to human health. Pedestrians put on masks to avoid the particles that can cause lung or cardiopulmonary health problems.
The average air quality index (AQI) was 221 by 6am and did not retreat throughout the day. It had climbed to 264 by midnight. Pudong's Chuansha area recorded the highest AQI at 293.
The Shanghai Meteorological Bureau said the weather conditions ！ poor wind and lack of rain ！ made it difficult to disperse the air pollutants. But the conditions are expected to improve today because of heavy gusts of wind, the bureau said.
The Shanghai Education Commission asked schools to cancel outdoor activities yesterday.
Schools from kindergartens to high schools stopped morning exercise, sports sessions and other outdoor activities.
Fu Fang, principal of Weihai Road Kindergarten in Jing'an, said the kindergarten moved all outdoor activities indoors.
The Gao'an Road No.1 Primary School, whose first-grade students went autumn outing, changed their venue from Yuepu Park to Shanghai Science and Technology Museum.
Although the city has a two-level warning system for air pollution, neither was issued despite the heavy smog, prompting residents to doubt about the newly issued emergency measures.
According to the system, a warning for "heavy pollution" is issued when AQI reaches 200 for 12 hours, the momentary density for PM2.5 reaches 150 micrograms per cubic meter, and the situation shows no sign of improving in the following 24 hours.
The higher-level warning for "severe pollution" is raised when AQI reaches 300 for six hours, the momentary density for PM2.5 reaches 250 micrograms per cubic meter, and the situation remains unchanged or gets worse in the next 24 hours.
The local environment authorities explained that although the AQI topped 200, the momentary density for PM2.5 was only 144 at 3pm. There were also signs that the air quality would be better in the next 24 hours ！ a condition that did not fit the "heavy pollution" warning system.
But parents insisted that the warning system has loopholes, which led to the delay in schools being notified about the poor air quality. It gave parents no time to take protective measures against the pollution.
"This is unreasonable. By the time the three conditions are met, people will already be sick," a young woman told Shanghai TV.
"The period should not be as long as 12 hours," another pedestrian said. "If the warnings can be released sooner, authorities can take more efforts to reduce the emissions and protect the children."
A woman said she hoped she could learn about the pollution earlier ！ before she send her child to the kindergarten.
When the warning for the "heavy pollution level" is issued, construction at work sites and discharge of pollutants by factories will be suspended. Vehicles carrying construction materials and burning of straw in the open air will be banned.
Schools will be told to stop classes. Seniors, children and people with heart and lung diseases will be advised to avoid outdoor activities, and other large-scale public activities will also be suspended.
For the "severe pollution level," stricter measures will be in place. About 30 percent of official vehicles will be taken off the roads. Yellow-labeled, or heavily polluting vehicles, will be banned, while fireworks will not be permitted.
Besides, the Shanghai Environmental Monitoring Center will cooperate with the Shanghai Meteorological Bureau when issuing warnings that call for emergency measures to be put into effect.
Shanghai ready to start carbon trading(11/7)
Carbon emission trading will soon start in Beijing, Shanghai and Guangdong where carbon markets have been set up according to the Kyoto Protocol, China's top climate change negotiator said yesterday ahead of a number of key talks.
Xie Zhenhua, also vice minister of the National Development and Reform Commission, said the carbon market in Shenzhen, which opened in June, saw carbon price rising from 30 yuan (US$4.92) per ton to about 80 yuan per ton and transactions totaling 120,000 tons in five months.
Carbon trading is a way to tackle climate change and reduce greenhouse gas emissions.
Xie also urged developed countries to keep their commitments on climate financing and outlined concrete actions for developing countries as well.
He said China reduced carbon dioxide emissions by 1.5 billion tons from 2006 to 2010 and by 300 million to 400 million tons between 2011 and 2012 without climate financing and technology transfer from developed countries.
Public awareness of low-carbon economic growth has increased in China where carbon dioxide emissions per unit of GDP fell 5.02 percent last year from 2011 and the output value of environmental protection industry exceeded 2.7 trillion yuan (US$440 billion).
However, China is still in the process of industrialization and urbanization and its economy is growing rapidly, so the country's energy consumption and CO2 emissions will remain large, Xie said.
Cold front brings rain and wind(11/6)
High temperatures will drop to 18 degrees Celsius on Sunday and early next week as a cold front arrives, forecasters said yesterday.
A weak low pressure is forecast to dominate the city today, which will bring cloud and drizzle in some areas. Temperatures will range from 15 to 22 degrees.
They will increase slightly on Thursday and Friday, hovering between 15 and 23 degrees.
Then the cold front arriving at the weekend will bring rain and gusty winds.
"The cold air at the weekend will make the average temperature drop by 6 degrees within 48 hours," said Man Liping, a chief service officer ofthe Shanghai Meteorological Bureau.
Duplex's price in Pudong sets new high(11/5)
A duplex at Tomson Riviera became the most costly apartment in Shanghai when it was sold for 150 million yuan (US$24.6 million) last week and set a record in the city for a single home.
The 824-square-meter property in the heart of Little Lujiazui in the Pudong New Area was one of the 107 units sold last week across the city, whose average price cost more than 50,000 yuan per square meter, Shanghai Deovolente Realty Co said in a report released yesterday.
"The price beat the city's earlier record for a home which was set in August 2011 when a 850-square-meter villa in Pudong's Dongjiao was sold for 135 million yuan," said Lu Qilin, a Deovolente researcher.
"Robust sales of luxury houses, therefore, helped the city's average home price stay above the 25,000 yuan per square meter threshold for the third consecutive week."
The purchases of new homes, excluding government-funded affordable housing, climbed 5.1 percent to 376,000 square meters in Shanghai last week, ending above 300,000 square meters for the fourth straight week. The new homes were sold for an average 25,524 yuan per square meter, up 2 percent week on week, according to Deovolente data.
Meanwhile, Huang Zhijian, a chief analyst at Shanghai Uwin Real Estate Information Services Co, suggests that as long as supply remains tight, the trend of rising prices across every segment of the market will continue amid a sustained strong momentum.
In September and October, the sales of new homes in the city both exceeded 1.4 million square meters.
Metro operator gears up for construction of Line 9 extension(11/4)
Construction of the eastern extension of Metro Line 9 will begin soon.
Work is expected to be completed by the end of 2017, adding another 17 kilometers of track and 10 stations.
Pudong New Area's Jinqiao area will be covered by the extension, which will start from Yanggao Road M. Station and end at Caolu Railway Station.
According to an earlier blueprint, the extension will pass through Luoshan Road and Jinqiao Road viaducts, the Outer Ring Road in Pudong and the Pudong canal. The 10 new stations will link with lines 12, 14 and the yet to be approved Line 19.
Line 9 currently connects Pudong to downtown Madang Road, Xujiahui and Yishan Road before veering southwest to Songjiang District.
Meanwhile, new standards have been established for the trial operation of new subway lines.
A new line should have at least a 3-month testing period before opening to the public, according to the new standards. In the first 90 days of operation, the interval between trains should be no more than 15 minutes, and no more than 10 minutes in rush hours on downtown area routes. Trains should also operate at least 12 hours a day during trial operations.
Pudong Development Bank launches London office(11/2)
Shanghai Pudong Development Bank opened its first overseas office in London yesterday to develop business abroad.
The bank said it chose London because it is a leading financial center in the world and the place to get financial information, technology and talent. London is also an important center for offshore yuan trade with a sophisticated market system.
The SPDB is among the first few banks to test cross-border trade settlement in yuan and is among the 10 biggest domestic banks. It was approved to set up a branch office in the China Shanghai Pilot Free Trade Zone in September.
Several Chinese banks have beefed up their presence in Europe to engage in the trading of yuan. On October 29, China Construction Bank unveiled its European headquarters in Luxembourg.