Shanghai signs new cooperation deal with Paris

Tracy Li
Signing ceremony during the Lujiazui Forum heralds further exchanges and collaborations between two of the world's major financial centers. 
Tracy Li

Shanghai's financial regulatory bureau signed a memorandum of understanding with Paris Europlace on Friday, aiming to pursue more bilateral cooperation.

The Paris organization develops and promotes the French capital's financial marketplace and the French financial industry internationally.

Signed during the two-day Lujiazui Forum, the memorandum is aimed at expanding collaboration between the cities in areas such as inclusive finance, financial technologies, asset management and insurance in addition to their previous cooperation in promoting dialogue and exchanges, supporting institutional cooperation and strengthening personnel training.

The new partnership comes at a time when China is pushing ahead with a fresh round of financial opening-up and Shanghai is accelerating its efforts toward becoming an international financial center.

The city is also endeavoring to deepen reform on the construction of China (Shanghai) Free Trade Zone Area and the internationalization of the yuan. All of this will generate more opportunities for both sides’ exchanges and cooperation in the financial sector, said Zheng Yang, director of the bureau.

Shanghai and Paris signed the first financial cooperation memorandum in 2010. The two sides have held five cooperation forums to boost mutual exchanges and cooperation since then, Zheng said.

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