It said the province is to host a business fair to promote international financial co-operation in the provincial capital Hangzhou from August 28 to 29.

The fair will invite more than two dozen overseas banks, security companies, stock exchanges and auditing firms.

The local government will help introduce more than 20 local financial institutions - including commercial banks and securities, trust and investment companies - to their overseas counterparts during the fair, according to Chen Guoping, the provincial government's deputy secretary-general.

Chen said the provincial government welcomes the entry of overseas financial institutions into the local financial market in various ways, such as through the purchasing of shares in local financial institutions and the establishment of subsidiaries or holding companies.

The fair is also expected to provide a platform for exchanges between local listed companies and those financial giants.

Chen said the robust economy in Zhejiang, especially the private sector, urgently needs more standard and efficient overseas financial services.

He said co-operation between local and overseas financial institutions should produce a win-win situation.

The government said it expected more than 20 global banking giants to attend the fair, including BNP Paribas, the Hang Seng Bank, HSBC Holdings, the Sumitomo Trust and Banking Company and UBS.

Stock exchanges in New York, Hong Kong and Singapore, as well as PricewaterhouseCoopers and Ernst & Young, are also to join the fair to explore the potential of the local money market, said government officials.

(China Daily August 3, 2002)