Shanghai forum to speed global financial hub ambition
The 11th Lujiazui Forum 2019 on the theme of “Accelerating International Financial Center Development and Promoting High Quality Economic Growth” will be held on June 13 and 14 in Shanghai.
The event will see more than 400 guests from home and abroad share their thoughts on hot topics in the financial industry, including sci-tech innovation board and a registration-based IPO system, financial opening-up and international cooperation as well as banks’ lending to private enterprises and small companies.
As Shanghai accelerates its efforts to become an international financial center, the forum aims to learn how to better push financial structural reform and boost economic development while controlling risks.
Shanghai has made great headway serving the country's financial reform and opening-up to the outside world and further consolidated its position as a financial center with a relatively complete financial market system.
The transaction volume in the city's capital markets hit 1,645.8 trillion yuan (US$238 trillion), up 15.2 percent year on year.
Above 85 percent of the country's overall direct financing came from Shanghai's capital markets.
Foreign-funded Financial Institutions
The number of foreign-funded financial institutions reached 1,605 by the year-end, 68 new players added in 2018 alone. That accounted for around one third of the city's total financial institutions.
Added Value of Financial Intermediation Services
Added value of financial intermediation services came to 578.1 billion yuan, up 5.7 percent year on year, making up for 17.7 percent of the city’s overall output value and 8.4 percent of the country's added value by financial industry.
Shanghai moved into 5th place in the Global Financial Centers (GFCI) rankings in September
China Banking and Insurance Regulatory Commission Chairman Guo Shuqing and Shanghai Mayor Ying Yong will co-chair the event.
So far, over 60 participants, including regulators, scholars and professionals, have confirmed they will speak at the forum, said Zheng Yang, director of the Shanghai Financial Regulatory Bureau .
The authority noted that Shanghai will be committed to pursuing the goal of becoming a global financial center by 2020 by seizing the current golden historic opportunities.
The city has made great headway serving the country’s financial reform and opening-up and further consolidated its position as a financial center with a relatively complete financial market system.
In 2018, the transaction volume in its capital markets hit 1,645.8 trillion yuan (US$238 trillion), up 15.2 percent year on year. Above 85 percent of the country’s overall direct financing came from Shanghai’s capital markets, according to local authorities.
The added value of financial intermediation services in Shanghai came to 578.1 billion yuan in the past year, an increase of 5.7 percent year on year. That was 17.7 percent of the city’s overall output value and 8.4 percent of the country’s added value from the financial industry.
Meanwhile, the city is attracting more overseas participants with its growing influence, with the number of foreign-funded financial institutions reaching 1,605 by the end of 2018. Foreign players accounted for around a third of the city’s financial institutions.
Thanks to its efforts, Shanghai moved into 5th place in the Global Financial Centers (GFCI) rankings last September and retained the place in March.