Shanghai Municipal Financial Service Office Functions
Established in September 2002, Shanghai Financial Service Office is an affiliated institution under the municipal government.
1. Implementing laws, rules, regulations, guidelines and policies issued by the central government on financial affairs and building Shanghai into an international financial center; cooperating with local related departments in studying and drafting financial rules, regulations and policies to promote the construction of the international financial center; and implementing related rules, regulations and policies.
2. Carrying out the planning of the development of Shanghai into an international financial center and drawing up medium- and long-term plans and annual plans for the development of the city’s financial industry. These duties are done in accordance with the strategic orientation of building Shanghai into an international financial center, with development goals, and with key tasks set by the central government and the city’s overall planning for economic and social development.
3. Improving service systems for financial institutions and financial professionals, promulgating policy proposals for the introduction of financial talent, and formulating related working policies and implementing them in conjunction with related departments; strengthening public service for financial professionals and promoting the establishment of a certification system of financial vocational qualifications; improving service platforms and policies for the development of financial institutions in Shanghai; releasing financial employment information in conjunction with related policies.
4. Promoting financial market system development for currency, foreign exchange, stock, bond, commodities, financial derivatives, insurance and gold markets, in cooperation with national financial authorities; supporting product and instrument innovations in the financial market and enhancing harmonious development of the market; providing services and support for development of financial registration, custody, clearing and settlement functions; promoting system construction of financial institutions and leading the formulation and implementation of policies for that construction; encouraging domestic and foreign financial institutions to locate their headquarters in Shanghai and attracting large financial institutions to settle their operation centers in Shanghai and enhancing services for financial institutions in Shanghai; supporting business innovation by financial institutions and enhancing the application of innovative achievement in the city; leading the formulation of policies for the development and implementation of shipping finance in conjunction with related departments.
5. Promoting local economic and social development with financial services by formulating related policies, introducing financial institutions and developing suitable financial products and businesses; formulating policies to improve the effective use of a credit guarantee mechanism to support development of small- and medium-sized enterprises and implementing them in conjunction with related departments; setting up bridging mechanisms between financial resources and local economic and social development, and enhancing information-sharing and business cooperation; supporting the introduction of a commercial insurance system for local social management.
6. Undertaking day-to-day supervision of local state-owned financial assets under the authorization of the city’s state-owned assets supervision and administration commission and in accordance with national regulations and laws of financial state-owned assets; providing proposals for the structure of local state-owned financial assets; managing the city’s financial enterprises and improving corporate governance and reform in the city’s financial enterprises; providing proposals to improve resource allocation and promote strategic restructuring among local financial enterprises, and implementing them in conjunction with related departments.
7. Undertaking daily supervision of the financial industries administrated by district and county governments; vetting applications for the establishments of micro-credit companies in the city and undertaking the daily supervision and risk management of such companies in conjunction with local governments; studying with related departments policies to promote the development of equity investment enterprises and implementing them; setting up and managing equity exchange markets for non-listed enterprises in conjunction with related departments and under the guidance of the central financial authorities.
8. Promoting the development of financial intermediary services and participating in planning policies to promote the development of intermediary agencies closely related to the financial industry, such as account auditing, legal services, credit ratings, asset appraisals, investment consultations, actuarial assessment, financial information, and the coordination of implementation with relevant departments.
9. Cooperating with relevant departments to complete works on reviewing listing applications of local companies and promoting restructuring of local enterprises; promoting mergers and acquisitions of local listed companies through the capital market.
10. Working with relevant departments on structural planning for financial functional areas, improving local financial distribution, strengthening guidance and service for financial functional areas.
11.Promoting regional financial cooperation by coordinating and strengthening financial cooperation and coordinated development in the Yangtze River Delta region; promoting financial cooperation with other inland areas; promoting financial cooperation with the Hong Kong Special Administrative Region, the Macao Special Administrative Region and with Taiwan; strengthening exchanges and communication with other international financial centers; promoting the construction of the Shanghai international financial center.
12. Cooperating with financial administrative departments and relevant departments to improve and standardize financial market order, protect interbank bond market, and crack down on financial crimes such as illegal fund-raising and illegal securities; cooperating with financial administrative departments and relevant departments to set up financial stability mechanisms, to make contingency plans for financial emergencies, to prevent and mitigate financial risks and to maintain financial stability and security; cooperating with relevant departments in building a unified credit information platform for the financial industry.
13. Performing other functions prescribed by the Shanghai municipal government.