People’s Bank of China reports Shanghai’s financial development

chinadaily.com.cn Updated:2018-01-10

The Shanghai headquarter of People's Bank of China has published the 2017 International Finance Center Development Report which states that Shanghai has established its role as China's financial center, according to a news report published on the WeChat account of Shanghai Pudong on Jan 4.

According to the staff of the Shanghai headquarter, the report aims to publish the latest development of international centers around the globe, show Shanghai's achievements in building an international financial center and more importantly provide guidance and set forth goals for Shanghai's future development.

In the future, Shanghai will advance towards globalization, especially in enhancing the role of Ren Min Bi and expanding the influence of the financial markets. 

According to the report, Shanghai has made great progress in 2016 in three primary aspects.

First, Shanghai has furthered the financial reform, especially in the Free Trade Zone and promoted free trade in several areas.

Second, Shanghai has established a platform of effectively monitoring the operation of finance.

Third, Shanghai has invested heavily in building the center of technological innovation.

In addition, the report also states that Shanghai has accelerated the pace of opening up and innovating financial markets.

For example, Shanghai Insurance Exchange has now come into operation, which has improved the system and function of Shanghai International Financial Center.

Shanghai Commercial Paper Exchange Corporation and China Trust Registration Company have also started operation, strongly boosting the financial market.

Shanghai Stock Exchange has issued local government bond and China Insurance Investment Fund has set its base in the Free Trade Zone.

Shanghai Shipping Insurance Association has published the first shipping insurance index.

Besides, Shanghai has also been making efforts towards gathering nationally influential financial institutes.

For example, China Development Bank has set up its headquarter in Shanghai, and meanwhile Shengang Securities and Huajin Securities also started their businesses in the city.

China Internet Financial Association has also come to Pudong and laid down industry regulations and standards and operation mechanisms to ensure smooth operation.

Compared to some internationally influential financial centers such as those in New York and London, Shanghai still has a long way to go.

The report points out that Shanghai should continue promoting the reform of economic and financial mechanisms and construct an integral, stable, and transparent financial system. Moreover, Shanghai should uphold the regulations and laws so that the rights of companies in this area can be guaranteed. Last but not least, Shanghai should be equipped with high-quality infrastructures and enhance the overall living standards to attract more investors.

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Shanghai headquarter of People's Bank of China. [Photo/ shobserver.com]

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