The Shanghai municipal government has unveiled plans to transform its Pudong district into an international financial centre to rival the City of London and Manhattan in New York.
Hang Yingwei (杭迎伟), head of Shanghai’s Pudong New Area, said that the district would step up efforts to transform itself into an international financial hub.
“[Shanghai] will create a global renminbi offshore finance centre,” said Hang. “It will create high grounds for the global asset management, financial leasing and fintech sectors.
“The focus when it comes to finance will be establishing and improving a financial market system, product system, institutional system and infrastructure system that possess even greater international competitiveness.”
Hang made the remarks at a press conference held on 22 July by the Shanghai municipal government.
The Pudong chief said that the district government will create a cohort of “major functional platforms,” which will include:
- An international financial assets exchange platform.
- A national commodities warehouse registration centre.
- A privately offered equity and venture investment equity transfer platform.
When it comes to data, Pudong will focus on the establishment of a data exchange, as well as explore the creation of comprehensive big data transaction mechanisms.
Wang Zuliang (翁祖亮), party secretary of Pudong, said that in its efforts to become an international financial hub, Shanghai has set its sights on the City of London and New York’s Manhattan as benchmarks.