CBN丨China unveils measures to build Shanghai into international financial center

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China's Shanghai will basically evolve into an international financial center that matches the country's overall strength and global influence over the next five to ten years, according to a guideline released by China's Central Finance Commission, Xinhua reported Wednesday.

Six key measures to solidify Shanghai's role as a global financial hub are developing Shanghai's financial market, boosting financial institutions' capabilities, building a globally leading financial infrastructure system, expanding two-way financial opening-up, improving the quality and efficiency of serving the real economy, and ensuring financial security amid its opening-up efforts.

To implement the guideline, the National Financial Regulatory Administration and the Shanghai municipal government have issued an action plan, which introduced a series of measures aimed at enhancing the competitiveness and influence of Shanghai as an international financial center. These measures encompass areas such as improving financial services, expanding institutional opening up, and strengthening financial regulations.

At the Lujiazui Forum held in Shanghai on Wednesday, Pan Gongsheng, governor of the People's Bank of China (PBOC), the country's central bank, announced eight new financial measures, in a bid to further promote the construction of Shanghai as an international financial center.

Among these eight measures, four were aimed at strengthening financial infrastructure to facilitate the opening-up and yuan internationalization, including setting up an international operation center for the digital yuan.

Three measures were announced to enrich financial products and services in the China (Shanghai) Pilot Free Trade Zone. The last one was dedicated to enhancing Shanghai's role as a financial center. Shanghai will pilot measures including cross-border financing, carbon reduction and sci-tech bonds, Pan said.

China’s securities regulator also announced plans to relax listing requirements on Shanghai's Star market to allow easier entry for emerging technology companies with high potential but no profits yet.

The CSRC said that participants in the "qualified foreign institutional investors" (QFII) program will be allowed to invest in exchange-traded fund options on domestic markets, starting October 9.

At the Lujiazui Forum, which is held from Wednesday to Thursday, under the theme "Financial Opening-Up and Cooperation for High-Quality Development in a Changing Global Economy," China's financial regulators also announced a raft of financial policies aimed at broadening China's opening-up in the financial sector.

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