Shanghai Finance

Financial Center

Zheng Yang briefs consuls on the construction of Shanghai international financial center

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On the afternoon of April 20, Shanghai Municipal Financial Service Office and Foreign Affairs Office of the Shanghai Municipal People’s Government jointly held a meeting to introduce the progress of Shanghai international financial center construction.

Zheng Yang, director of the financial service office, made an introduction and more than 50 consul-generals and consuls from over 30 consulate generals in Shanghai attended the meeting. Fan Yufei, deputy director of the foreign affairs office, presided over the meeting.

Zheng introduced the construction of Shanghai international financial hub during the 12th five-year period. With the support of related government departments, Shanghai achieved significant progress in serving national economic and social development and promoting financial reform and opening up during the period, with financial market system being further improved, financial institution system becoming more sound, financial opening and reform being deepened, financial development environment being optimized and risk prevention capability being strengthened, Zheng said. A domestic financial center with financial market system as core as well as a global center for yuan product innovation, trading, pricing and settlement has taken shape in Shanghai. Shanghai is striving to become an international financial center that would keep pace with China’s economic strength and the international status of yuan by 2020, he said.

Meanwhile, with the approval of the Proposal to Promote Overall Innovation and Reform Trial and Accelerate the Construction of Technology and Innovation Center with Global Influence in Shanghai by the State Council, Shanghai will integrate the construction of international financial center and innovation hub to provide more abundant financial resources and services for technology innovation, Zheng said.

At the meeting, Zheng and participants from Singapore Consulate-General in Shanghai discussed on topics including financial reforms and innovations in Shanghai’s pilot free trade zone. After the meeting, participants visited an exhibition reviewing Shanghai international financial construction during the 12th five-year period.