China unveils measures to build Shanghai into international financial center
发布日期：2025-06-19 09:21:17 点击量：13次
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 News Agency 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 (PBC), 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, according to a statement published on the website of the Lujiazui Forum.
Among the eight measures announced by the central bank governor at the Lujiazui Forum, four measures were released to strengthen 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. Meanwhile, one of the eight measures 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.
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 set of financial policies aimed at broadening China's opening-up in the financial sector, making the financial sector better support the real economy and promoting reforms in the capital market, while enhancing China's position as a global financial powerhouse.
In terms of opening-up, Li Yunze, head of the NFRA, said on Wednesday at the Lujiazui Forum that moving forward, we will vigorously support foreign institutions to participate in more financial business pilots, and align with financial-related rules in high-standard international economic and trade agreements to explore broader and deeper opening measures.
"We will continue to strengthen multilateral and bilateral financial regulatory coordination, promote cooperation in cross-border regulation and crisis management, and contribute significantly to global financial stability," Li said.
In terms of promoting reforms in the capital market, Wu Qing, chairman of China Securities Regulatory Commission (CSRC), said at the forum that a new set of policies and measures will be released regarding the sci-tech innovation board of the Shanghai Stock Exchange, also known as the STAR Market.
These include piloting the introduction of a senior professional institutional investor system and supporting more enterprises in cutting-edge technology fields such as artificial intelligence, commercial aerospace and the low-altitude economy, according to Wu.
Institutional opening-up
Analysts said that all these measures underscore China's institutional opening-up, aiming to provide stability and attract international investors. Amid global economic challenges, China's institutional opening-up strategy stands out as a proactive response.
The forum's deeper message, analysts argue, is China's commitment to providing a "China solution" for global economic and financial governance.
"No matter how the international landscape shifts, China's resolve to expand high-level opening in its financial sector, foster a mutually beneficial financial development framework, and promote a more inclusive international financial system will remain unwavering," Li said at the Lujiazui Forum.
China has made consistent efforts to construct a modern financial system. The country is also making a steady push to deepen financial opening-up, Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Wednesday.
Apart from pursuing an institutional opening-up, China is also vowing to safeguard the global multilateral system in the financial sector.
"International financial organizations must advance governance reforms in a timely manner, dynamically reflecting the relative positions of member states in the global economy, enhancing the voice and representation of emerging markets and developing countries, upholding true multilateralism and improving governance efficiency," Pan said at the Lujiazui Forum.
Amid heightened global economic uncertainty, these organizations should, while improving governance structures, further strengthen their economic supervision functions, objectively assess global and national risks, and actively guide countries to firmly support economic globalization and the multilateral trading system, Pan noted.
"The remarks by the PBC governor at the Lujiazui Forum highlight steady steps toward yuan internationalization and a broader advocate for a multipolar global financial system," according to a research note sent to the Global Times on Monday by Morgan Stanley analysts led by Robin Xing.
Securing cross-border settlement is the focus: the speech focused on securing international transactions, rather than other benefits of having a reserve currency, read the Morgan Stanley research note.
Confidence upbeat
"China's continuous opening-up creates better opportunities for global institutions to invest in Chinese assets," Yang said.
Despite global uncertainties, international investment institutions are increasingly bullish on China's market, driven by its policy clarity and economic potential.
"Overall we have seen improved interest in Chinese equities," James Wang, head of China Equity Strategy Research at UBS Investment Bank, wrote in a note sent to the Global Times on Monday.
Most foreign investors seem to agree with our assertion that the China equity market is now better placed to withstand external shocks compared with many other regions, Wang said.
Latest data showed that the total assets of foreign banks and insurance institutions in China exceeded 7 trillion yuan ($974 billion), with various businesses maintaining strong growth momentum, Li said at the Lujiazui Forum on Wednesday, according to CCTV News.
Currently, 42 of the world's top 50 banks have established operations in China, and nearly half of the 40 largest insurance companies have entered the Chinese market, Li said.
"Open cooperation is the inevitable choice for mutual benefit and win-win outcomes in global finance. China's financial opening not only benefits itself but also provides excellent asset allocation opportunities for global capital," Li stressed.
