University, government join to bolster financial technology

A fin-tech application practice center was unveiled on the North Bund in Shanghai over the weekend.

The plaque for the center was also displayed during a forum coorganized by the government of Hongkou District and Shanghai Lixin University of Accounting and Finance to discuss how the new finance industry can support high-quality development of the real economy.

Established jointly by the university’s school of financial technology and the Finance Bureau of Hongkou, the center is expected to help promote cooperation between the university and the government office to a higher level and more areas. It also aims to facilitate the development of the real economy by new financial services and the establishment of an international fin-tech center in Shanghai.

“Hongkou is sparing no efforts in building a global asset management center and a core area of the fin-tech center in Shanghai,” said Zheng Hong, deputy director of the district.

He said the district has pushed forward the aim of becoming a highland of asset management, and now it hosts more than 1,800 related companies which manage a total asset of over 6 trillion yuan (US$897 billion).

“Now we have to make the most of new trends and new opportunities to develop fin-tech to assist high-quality development of real economy,” he added. “It’s our top priority now and needs joint efforts from all walks of life to promote new breakthroughs.”

Li Shiping, Party secretary of the university, said they are taking the opportunity of Shanghai’s efforts in integrating industry and education to promote the university’s contributions to the economy and society.

Li Jun, deputy director of the Shanghai Financial Supervision Administration, said the cooperation between the district and the university will hopefully share resources and networks to make a bigger contrition to the healthy and high-quality development of Shanghai.

Zhou Hanmin, vice chairman of CPPCC Shanghai Committee, delivered a keynote speech during the forum to analyze the development trends of new finance.

“China is at a new development stage featuring the most dramatic changes in the past century,” he said. “Against such a background, we need to develop modern fiscal and financial systems and schemes for the market, regulation and supervision.”