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Shanghai mayor stresses the vital role of financial security in further opening-up

November 27,2018

   
   

Shanghai Mayor Ying Yong attended the 30th International Business Leaders’ Advisory Council for the Mayor of Shanghai on October 28.

Ying said the financial security is the foundation for financial openness and innovative development, and it’s vital for Shanghai’s efforts in building itself into an international financial center.

With effective financial risk prevention mechanisms and financial security, the city will further promote its financial openness, innovation and development.

Shanghai has introduced the 100 measures for further opening-up this year and over one third of the measures involve financial openness, which include measures of easing the banking industry’s market access, loosening up the limit on the foreign capital stock ration in the securities industry and further expanding the openness of the insurance industry.

Shanghai has seen the establishment of 47 financial institutes this year, 24 of which come from overseas. A batch of international financial market platforms have been accelerating their construction process, and crude oil futures have been listed for half a year and the trading volume has reached the third place in the world.

Next, Shanghai will keep strengthening its financial risks’ prevention mechanisms and accelerating its financial openness and innovation.

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