Functional Financial Institutions Gather in Shanghai
According to incomplete statistics, financial institutions involving banking, securities and insurance in Shanghai totaled 206 by the end of 2013, up 73 percent from 2012.
These financial institutions included secondary headquarters, fund operational centers, private banking departments and credit card centers of commercial banks, security and asset management corporations, direct investment and other investment companies, and shipping insurance centers and insurance asset management companies of insurance groups. Transactional platforms, branches of Chinese-funded banks, branches of foreign-funded banks, reinvestment programs of financial institutions, and branches of insurance institutions also located in the Shanghai Free Trade Zone. In 2013, the China Construction Bank Shanghai Center, the secondary headquarters of a large bank, the China Securities Investors Development Center, a department of a public-beneficial financial institution, the first national Internet insurance company, and the Shanghai International Energy Exchange all registered in the Shanghai Free Trade Zone.
Financial institutions have brought prosperous growth to Shanghai’s financial markets and played a key role in promoting financial innovation, new financial businesses, the upgrading of city management and the advances of Shanghai’s services for the whole nation.