Shanghai's FTZ develops rapidly with inclusion of Lujiazui financial district

Lujiazui financial area’s inclusion in the China (Shanghai) Free Trade Zone has boosted the rapid development of the FTZ by opening the service industry wider and strengthening financial reforms, local authorities said yesterday.

China decided to extend the Shanghai FTZ to the Lujiazui financial district as well as nearby Jinqiao and Zhangjiang districts in 2015. Since then Shanghai has pushed forward the opening-up of the service sector and accelerated the construction of a new open economy system, said Guo Zhiying, deputy director general of the Shanghai Lujiazui Financial City Authority.

After the expansion, Lujiazui has welcomed a large number of service providers in finance, shipping and professional services. This year, Lujiazui is implementing the central government’s strategic plan to further open the financial services industry to the world and to lure foreign financial institutions to form a cluster in the area, Guo added.

A global asset management ecosystem is beginning to form in the Lujiazui area, with nine of the world’s top 10 asset managers opening offices there and 39 internationally-renowned asset management companies having set up 57 wholly foreign-owned firms, the Lujiazui Financial City Authority said.