Ever since China opened up to the world in 1980's, the Shanghai Municipal Government, led by the Communist Party of China and the State Council, makes great effort to build the city into an international economic, financial, trade and shipping center. With the cooperation and hardwork of Shanghai people, the city is progressing to its goal as a global metropolitan. The new team of leaders of the Shanghai government took office in February 2003. "The power of the government is entrusted by the people; the interest of people is above all," as Shanghai Mayor Han Zheng promise in his inaugural. Guided by the Shanghai Party Committee, the city's new leadership vows to strictly perform its official duties; to make significant progress in self-improvement, and to intensify the shift of its role from administrative to public service. The Shanghai government will build itself into a service government that would share with the people all their happiness and troubles; a solid responsible government that is efficient, honest and diligent; a law-abiding government that respects legal system and rules strictly and impartially.

Shanghai will launch an intermediate guarantee fund system within this year to regulate activities of realty brokers

11/19/2004

It is reported that a guarantee fund system is expected to be launched in Shanghai's realty brokerage industry. In case the intermediate organ commits any conduct not in good faith, the guarantee fund will be used to cover losses that consumers suffered.
It is also reported that there are more than 12,000 realty intermediate stores in Shanghai, the number of which is the No. 1 in China. However, legislative lags are seen in the realty brokerage industry obviously. Many of nonstandard conducts of intermediate organs do not fall in the scope of prohibition of laws and regulations. As a result, the municipal administration of industry and commerce and realty and land resources administration authority are planning to jointly study and establish an intermediate guarantee fund system to regulate activities of realty brokers by applying market measures.

The Shanghai government 2006