CBN丨China unveils measures to build Shanghai into international financial center
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China'sShanghaiwillbasicallyevolveintoaninternationalfinancialcenterthatmatchesthecountry'soverallstrengthandglobalinfluenceoverthenextfivetotenyears,accordingtoaguidelinereleasedbyChina'sCentralFinanceCommission,XinhuareportedWednesday.
SixkeymeasurestosolidifyShanghai'sroleasaglobalfinancialhubaredevelopingShanghai'sfinancialmarket,boostingfinancialinstitutions'capabilities,buildingagloballyleadingfinancialinfrastructuresystem,expandingtwo-wayfinancialopening-up,improvingthequalityandefficiencyofservingtherealeconomy,andensuringfinancialsecurityamiditsopening-upefforts.
Toimplementtheguideline,theNationalFinancialRegulatoryAdministrationandtheShanghaimunicipalgovernmenthaveissuedanactionplan,whichintroducedaseriesofmeasuresaimedatenhancingthecompetitivenessandinfluenceofShanghaiasaninternationalfinancialcenter.Thesemeasuresencompassareassuchasimprovingfinancialservices,expandinginstitutionalopeningup,andstrengtheningfinancialregulations.
AttheLujiazuiForumheldinShanghaionWednesday,PanGongsheng,governorofthePeople'sBankofChina(PBOC),thecountry'scentralbank,announcedeightnewfinancialmeasures,inabidtofurtherpromotetheconstructionofShanghaiasaninternationalfinancialcenter.
Amongtheseeightmeasures,fourwereaimedatstrengtheningfinancialinfrastructuretofacilitatetheopening-upandyuaninternationalization,includingsettingupaninternationaloperationcenterforthedigitalyuan.
ThreemeasureswereannouncedtoenrichfinancialproductsandservicesintheChina(Shanghai)PilotFreeTradeZone.ThelastonewasdedicatedtoenhancingShanghai'sroleasafinancialcenter.Shanghaiwillpilotmeasuresincludingcross-borderfinancing,carbonreductionandsci-techbonds,Pansaid.
China’ssecuritiesregulatoralsoannouncedplanstorelaxlistingrequirementsonShanghai'sStarmarkettoalloweasierentryforemergingtechnologycompanieswithhighpotentialbutnoprofitsyet.
TheCSRCsaidthatparticipantsinthe"qualifiedforeigninstitutionalinvestors"(QFII)programwillbeallowedtoinvestinexchange-tradedfundoptionsondomesticmarkets,startingOctober9.
AttheLujiazuiForum,whichisheldfromWednesdaytoThursday,underthetheme"FinancialOpening-UpandCooperationforHigh-QualityDevelopmentinaChangingGlobalEconomy,"China'sfinancialregulatorsalsoannouncedaraftoffinancialpoliciesaimedatbroadeningChina'sopening-upinthefinancialsector.
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