One of China’s big state-owned banks has entered a new strategic agreement with the bourse in Shanghai to help drive opening of the Chinese capital market and fintech development.
China Construction Bank (CCB) and the Shanghai Stock Exchange (SHSE) recently executed the “New Finance Comprehensive Strategic Cooperative Agreement” (新金融全面战略合作协议) in Shanghai.
Under the Agreement CCB and SHSE will engage in “more in-depth cooperation in areas including bilateral opening, tech enterprises and fintech.”
“The Shanghai Stock Exchange has steadily driven capital market reforms and bilateral opening in recent years, and especially since 2019, has made a major contribution to the development of China’s capital markets by driving the establishment of the STAR Market Board and registration system reforms,” said Wang Jiang (王江), CCB party secretary and president.
“In future, CCB will continue to use new financial activities to support the Shanghai Stock Exchange in servicing key national strategies, and fully make use of its digital operating capabilities…[CCB] will join hands with the Shanghai Stock Exchange to drive the high-quality development of China’s capital markets.”
Huang Hongyuan (黄红元), SHSE director, said that CCB had worked with SHSE for years in the areas of pricing inquiries, funds settlement and international operations, and that in future the two parties would strengthen cooperation in areas including services for tech companies, bond market innovations and fintech.