From January 26 to February 1, 2013, the first meeting of the 12th Shanghai Committee of the Chinese People's Political Consultative Conference was held in the Great Hall of the Exhibition Center in Pudong New Area. AllBright partner Theresa Qiu, as a member of the new committee, participated in the meeting.

During the seven-day meeting, Ms. Qiu made a proposal regarding the “Accelerating Foreign Small-Sum Credit Company Trial in Shanghai.”

Ms. Qiu said granting experienced and reputable foreign institutions access to the small-sum credit segment will help ease the capital needs of SMEs and agricultural related entities.  Both of which are key to stable economic growth in Shanghai, but are often denied access to loans from banks due to their lack of collateral. She added that a further opening of Shanghai’s financial industry with the entry of foreign institutions would also help boost competition in the segment.

She suggested that authorities should make it clear the criteria for foreign institutions to enter the market, increase the amount required for a foreign investor’s stake in a small-sum credit company, allow qualified foreign investors to set up wholly-owned small-sum credit companies, as well as increase the number of foreign-invested small-sum credit companies in Shanghai, in order to increase the financial vitality of Shanghai. She also called for the acceleration of the drafting of rules and regulations regarding foreign-invested small-sum credit companies in Shanghai.

Ms. Qiu’s proposal was widely covered by the media: United Times, a newspaper affiliated with the Shanghai CPPCC, published the full contents of the proposal; Xinmin Evening News, a popular general evening newspaper in Shanghai, covered the proposal in detail; International Channel Shanghai, the sole foreign language TV channel in the city, interviewed Ms. Qiu for an in-depth report to extend the reach of her proposal to the expatriate audience in Shanghai and China.