SHANGHAI - The Shanghai Stock Exchange, China's main bourse, has worked out a blueprint to develop into Asia's top exchange that can compete with top global markets by 2020, Reuters reported Monday.

The exchange mapped out three stages: becoming Asia's biggest bourse by 2013, taking on a bigger role in the global financial system by 2016 and successfully competing with global centres in the United States and Europe by 2020.

Related readings:  Shanghai bourse aims for 24-hour trading  Bayer ups Shanghai investment  Report indicates booming 2011 for Shanghai real estate  Stock markets stay firm despite multiple concerns

The plan is largely in line with a program announced by the central government two years ago, aiming to build Shanghai into an international financial center by 2020, and includes similar details, including allowing foreign companies to list in Shanghai.