Hu Xiping, governor of Shanghai Rural Commercial Bank, explained that the yuan settlement is "vital" for the country to deal with the current financial crisis.

"Considering China's continuous trade surplus and the scale of foreign reserve, the yuan settlement will strengthen the currency's role in the international trade," Hu said.

The governor revealed that Shanghai is also applying to the central government for a trial of yuan-based settlement with foreign trade partners.

Mayor Han also addressed the progress of the maglev project connecting Shanghai's two airports. He said the government would announce the appraisal result and invite experts to evaluate the plan. Meanwhile, the government will listen to the opinions of those residents who live nearby the maglev line.

Some residents have voiced concern on the possible pollution caused by the speedy train after the initial plan was revealed.

For the 2010 Shanghai World Expo, the mayor said the preparation work in on schedule.

Another hot topic is the trial of household registration system, or hukou, which is designed to attract out-of-town talents. The three-year test run enables new Shanghainese to enjoy the same social insurance benefits as locals.

The mayor said more details of the hukou system will be released in the second half of this year.

-- (Shanghai Daily, Mar.09, 2009)