SHANGHAI, Sept. 3,
2024 /PRNewswire/ -- A news report
from english.shanghai.gov.cn:
The legislature of Shanghai
passed revised regulations on August
22 to further advance the city as an international financial
center.
The regulations, which will take effect on October 1, emphasize deepening financial reforms,
thus bolstering support for the real economy and mitigating
financial risks while establishing a strong legal foundation for
Shanghai's pivotal role in
national finance.
A major focus of the revised regulations is enhancing
Shanghai's financial
infrastructure and institutional framework.
The city will encourage the establishment of headquarters and
specialized branches of financial institutions to facilitate growth
of a diversified financial ecosystem.
To strengthen the capital markets, Shanghai will improve financial metrics, such
as the "Shanghai Price" and "Shanghai Index," and develop Chinese
yuan asset pricing benchmarks.
Additionally, a national platform for bulk commodity circulation
will be built, underscoring Shanghai's role in the global trading
system.
In terms of financial innovation, the city aims to position
itself as a global fintech center. This includes developing
infrastructure, key institutions, and innovation platforms for
fintech and advancing research, development, and application of
digital renminbi.
Pilot zones will be established to support financing for
technology firms, with the Lin-gang Special Area leading
innovations in tech insurance.
The regulations also support green finance by developing service
platforms and certification institutions, promoting the coordinated
growth of financial and carbon markets.
The regulations address the growing needs of the elder sector
and silver economy, encouraging innovation in financial products
related to elder care and health.
Additionally, the city will deepen the application of digital
platforms to expand inclusive finance and support the development
of supply chain finance.
The revised regulations also promote high-level financial
opening-up by advocating the use of renminbi in global markets,
including bulk commodities, cross-border e-commerce, shipping
services, and international investment and financing.
Shanghai also aims to establish
itself as a global asset management center and an international
reinsurance hub.
Related Story:
International Financial Center
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SOURCE english.shanghai.gov.cn