Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, June 18 (Xinhua) — The transformation of east China’s Shanghai into an international financial center befitting China’s comprehensive strength and global influence will be basically completed within the next five to 10 years, according to a newly issued guideline.
As noted in the policy document on supporting Shanghai’s accelerated development into an international financial center issued by the Central Financial Commission, the adaptability, competitiveness and inclusiveness of the city’s modern financial system are expected to be significantly enhanced, and its functions as a hub of financial openness will be greatly strengthened.
The document states that in order to achieve these goals, it is planned to actively develop the Shanghai financial market. The scientific and technological innovation platform on the Shanghai Stock Exchange will play a more significant and inclusive role in promoting “hard technologies”. In addition, support will be provided to the Shanghai Futures Exchange in its transformation into a world-class exchange.
According to the directive, Shanghai will take measures to attract a wide range of legal entities, branches of both Chinese and foreign large financial institutions, as well as licensed specialized organizations. The city will promote the formation and attraction of stable and effectively regulated financial holding companies, and encourage the placement of international financial organizations on its territory.
By forming an advanced international financial infrastructure system, the metropolis will intensify the development of the cross-border payment and settlement system in yuan. Shanghai will consistently expand the institutional openness of the financial sector and achieve full compliance with high-standard international trade and economic rules.
In addition, Shanghai will develop green finance standards in line with international practices and actively participate in international cooperation in this field. According to the directive, efforts will also be made to ensure financial security in an open environment using technologies such as blockchain, big data and artificial intelligence.
To implement the directive, the State Financial Supervision Administration of China and the Shanghai People’s Government have issued an action plan that includes a series of measures to enhance the city’s competitiveness and influence as an international financial center. These measures cover areas such as streamlining financial services, expanding institutional openness, and strengthening financial regulation. –0–