Central Bank will accelerate building Shanghai as international financial center

Sun Hui, deputy director of the central bank’s Shanghai headquarters, said at a press conference that it will accelerate the construction of the Shanghai International Financial Center around five aspects.

Sun Hui, deputy director of the central bank’s Shanghai headquarters, said at a press conference that it will accelerate the construction of the Shanghai International Financial Center around five aspects.

First, the central bank will promote innovation in financial products and tools, enhance financial market service functions, and promote cross-border use of RMB.

The second is that the central bank will carry out higher-level, wider, and greater all-round financial opening in the Shanghai Free Trade Zone and Lingang New Area, striving to establish financial opening policies and management systems consistent with the highest and best international standards.

The third is that the central bank will continue to promote the joint development of finance and technology, and build a fintech center with global competitiveness.

Fourth, the central bank will continue to focus on national development strategies, deepen financial cooperation in the Yangtze River Delta, develop green finance and inclusive finance, and improve financial services for small, medium, and micro enterprises.

Fifth, the central bank will continue to optimize the financial business environment, strengthen the construction of the financial rule of law, strengthen the protection of the rights and interests of financial consumers, effectively prevent financial risks, and enhance the soft power of financial centers.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/11/central-bank-will-accelerate-building-shanghai-as-international-financial-center/.

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