Shanghai commits to enhancing its financial services

Shanghai will see tightened regulation on its financial sector this year and take more measures to improve its business environment for financial institutions, according to local regulators.

The city will build more platforms for cross-border transactions and reduce costs for conducting business in the city this year, said Zheng Yang, head of the Shanghai Financial Service Office, during a media briefing.

The move comes with the municipal government’s call for further optimizing its environment for doing business here.

“Financial sector is a gold-lettered signboard for Shanghai,” said Zheng, “As the city is beefing up its efforts to become a global financial hub by 2020, we are making endeavors to create a level playing field with high integrity for market players."

To better supervise the financial sector, the city is drafting related regulations, and may set up a financial court at Lujiazui, a forefront of China’s financial innovations and reforms, Zheng said.

He added that the China (Shanghai) Pilot Free Trade Zone will play a bigger role to foster the development of the city's financial sector, and to promote yuan as a currency for global payment and clearing.

Meanwhile, Shanghai will further relax restrictions on overseas financial investment to attract more world-renowned companies to do business in the city.

Last June, the city unveiled the country’s first negative list for financial services to lure more foreign investors to operate here.

Zheng said his office will cooperate with other government departments to provide better housing, education and healthcare for financial professionals.