SAIF Reports Seek to Shore up Shanghai’s Status as International Finance Centre, Call for More Opening up of Systems

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China has just seen the release of two new reports from a leading financial think tank on the elevation of Shanghai’s status as an international centre for finance.

On 26 November the “2022 International Financial Centre Development Report” (国际金融中心发展报告2022) and the “2022 Shanghai International Financial Centre Development Series Report” (上海国际金融中心建设系列报告2022) were both released at the 2022 Shanghai International Financial Centre Development Forum (2022上海国际金融中心发展论坛).

The International Financial Centre Development Report was jointly prepared by the Shanghai office of the Chinese central bank in collaboration with Shanghai’s Jiaotong University’s Shanghai Advanced Institute of Finance (SAIF), highlighting inadequacies Shanghai’s development as a financial centre as well as areas requiring greater effort.

The Shanghai International Financial Centre Development Series Report was prepared by SAIF, with an especial focus on the progress of the “Shanghai International Finance Centre Development 14th Five Year Plan” (上海国际金融中心建设“十四五”规划).

Tu Guangshao (屠光绍), executive director of SAIF, said that further opening up of the Shanghai economy was necessary for its establishment as an international financial centre.

“The development of Shanghai as an international financial centre must focus on market openness and even more on systems openness, in order to form a positive feedback between market openness and systems openness,” he said

“Compared to market openness, systems openness is even more challenging, and has more foundational and long-term significance for Shanghai’s international financial and economic development.”