New Bund global economic cluster set up in Pudong

Li Xinran
It includes international chambers of commerce, industry associations, trade unions, industrial alliances and standard-setting organizations.
Li Xinran

The New Bund Global Economic Organization Cluster was officially established in the Pudong New Area on Wednesday to attract and cultivate high-level international economic organizations.

These include international chambers of commerce, industry associations, trade unions, industrial alliances and standard-setting organizations. The place is expected to give full play to their functions of rule-making and resource link, and actively participate in global economic governance.

International economic organizations are an important driving force in the process of strengthening the "four functions" of global resource allocation, scientific and technological innovation, leading high-end industries and opening hub portals, accelerating the construction of international economic, financial, trade, shipping and scientific and technological innovation centers, and striving to build Shanghai into a modern socialist international metropolis with world influence.

The country's central leadership has asked the Pudong New Area to attract more international economic organizations and enterprise headquarters to the China (Shanghai) Pilot Free Trade Zone.

The cluster established on Wednesday is a service space for the agglomeration of international economic organizations jointly built by the Expo administration bureau of the China (Shanghai) Pilot Free Trade Zone Administrative Committee and Lujiazui Group on the New Bund.

There are 17 registered international economic organizations in Pudong, of which 10 are in the New Bund area. Another three will move in in the near future.

The New Bund area will gather more international economic organizations and enterprise headquarters, become the country's first to establish an open economic functional high ground connected with international operation rules, stand at the forefront with intensive international exchanges and cooperation and highlight the ability of global resource allocation, and also become a gathering place of international wisdom and a new sort of world-class central activity area displaying "Chinese concept, Chinese spirit and China Road" to help Shanghai form a new international competitive advantage in building a new development pattern of domestic and international dual circulation and mutual promotion, according to Pudong authority.

New Bund global economic cluster set up in Pudong
Ni Zhuxin

The Lujiazui Global Asset Management Partnership Program was officially launched on Wednesday. 

Also on Wednesday, Lujiazui Financial City launched the Global Asset Management Partnership Program, which attracted more than 50 foreign-funded asset management institutions.

The program will focus on introducing asset management institutions, international institutional investors and renowned international asset management service providers that are at the forefront of global asset management scale, major countries and economies.

It will support global asset management institutions to participate in major functional platforms such as international financial asset trading platforms to enrich the variety of asset management investments and promote the provision of diversified trading services in various financial markets and infrastructure.

The program will coordinate the development of onshore and offshore businesses, gather and improve the functions of asset management headquarters, explore providing cross-border asset management or investment advisory services for funds issued overseas.

At the same time, it will guide funds to support the development of science and innovation, support the development of green finance and develop carbon financial products.

The employment restrictions of overseas talent in the field of asset management will be gradually liberalized under the framework of the program. Colleges and universities are encouraged to cooperate with global asset management institutions to set up training bases.

Nine foreign-funded asset management institutions signed agreements to settle in Lujiazui at the launch ceremony.

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