Shanghai’s drive to become an international financial hub is continuing apace and a competent legal service industry is one of the prerequisites for a successfulfinancial sector. To help develop this sector, the Shanghai Bar Association has hosted the “Cross-Strait Four Regions Legal Services” forum, which was jointly run by the Hong Kong Law Society, Taipei Law Society and the Macau Law Society.

Hundreds of representatives from financial institutions, government agencies and law firms attended the forum.

The forum concurred on many aspects regarding the legal service sector in Shanghai – there is a need to accelerate legislation for financial institutions and explore administrative supervision and regulatory mechanisms. The region is also in need of internationally competitive local lawyers - talented practitioners who are familiar with the domestic. 

Earlier this year, the State Council issued guidelines aimed at developing Shanghai into a major global financial and shipping hub by 2020, giving the city priority to carry out financial innovations as well as other preferential policies.

In its guidelines, the Cabinet identified 2010 to be the key transition period for Shanghai’s economy and social development. It has become increasingly important to accelerate legal services to match up to market conditions and international business standards.

“Shanghai needs to improve its legal services as part of the efforts to move forward as a global leader in the financial industry,” said Lam Chi Man, executive vice-president of Bank of East Asia.