BEIJING (Shanghai Daily) -- Shanghai expects its financial institutions to double their deposit and loan balances by 2010, as part of Shanghai's plan to be an international financial center.

Shanghai today issued the scenario for building the framework for an international financial center during the 11th Five-Year-Plan period, which will end in 2010.

The city plans locally-based financial institutions will have 4.5 trillion yuan (573 billion U.S. dollars) deposit balance in 2010. The figure was 2.3 trillion yuan by the end of last year, according to the National Bureau of Statistics.

Loan balance will reach 3.2 trillion yuan in 2010, jumping from last year's more than 1.6 trillion yuan in the city.

According to the scenario, the fundraising volume in Shanghai's financial market, including stock, government bond and corporate bond markets, will account for 25 percent of the country's total in 2010.

Trading volume in the city's financial market will total 80 trillion yuan in 2010, up from 35 trillion yuan in 2005.

The combined assets of the city's financial institutions will be 10 percent of that of the country.

The scenario expects Shanghai to be the country's hub of money by the end of 2010, with an annual trading volume of 40 trillion yuan in the currency market.

The city also expects its future bourse to be the world's top 10 exchanges by 2010, having more say in commodity pricing. And the market value of Shanghai's stock market is expected to grow to 7 trillion yuan by then, becoming one of the biggest stock markets in the Asia and Pacific region.

Besides, Shanghai will step up efforts to develop online banking, securities and insurance services to boost its financial informatization.

Also in 2010, more than 70 percent of stores in the city will be able to handle banking card consumption, up from about 50 percent last year. Banking card consumption will account for more than 40 percent of the total retail sales in 2010, while it was 32 percent in 2005.