Chinese financial center Shanghai aims to develop itself into a world commodities trading center that can have a stronger influence on international commodities prices in five to 10 years, the vice-mayor of the city said on Thursday.

Ai Baojun made the comments during the first China International Oil and Gas Trade Conference, held in Shanghai. Earlier this year, the country's securities regulator said China plans to establish crude-oil futures to cope with fluctuating oil prices and increase its influence over global prices.

China Daily - Agencies