New policies will boost Bund financial hub

Huangpu District released a bundle of 18 policies to turn the Bund, once the city's financial hub, into a global center for asset management, capital operations and specialized financial services.

China has lifted some restrictions on foreign investment in the financial sector, as it opens up to foreign businesses. The new strategy includes attracting foreign institutions to the Bund to improve the international influence of the local financial cluster, setting up or holding shares in Huangpu. 

Foreign investors can set up pension management companies, regional wealth management firms and currency brokerages. Multinationals can set up global or regional fund management centers and headquarters.

Additional measures include scrapping some entry barriers for foreign insurers.

Financial institutions in Huangpu are also encouraged to take part in the Lingang Special Area, as well as work for the integrated development of the Yangtze River Delta Region.

The new policies focus on asset management and fintech. An artificial intelligence center will also be established.

Huangpu will expand the Bund cluster both south and west and provide more office buildings, including renovated historical structures. The South Bund area near Nanpu Bridge will be developed along with the pavilions and buildings from the World Expo 2010 Puxi. Renovation of the back rows of historical buildings on the Bund will begin soon.