Shanghai Party Secretary addresses Lujiazui Forum
Shanghai will continue to promote high-quality development of the financial sector and enhance the competitiveness and influence of Shanghai's role and function as an international financial hub.
Shanghai Party Secretary Chen Jining said at the opening ceremony of the Lujiazui Forum on Wednesday morning that Shanghai has made steady progress in financial opening up and an integrated financial system has taken shape.
"Shanghai will give full play to its role of leading and demonstrating in China's development," he said.
The overall transaction size of Shanghai's financial market jumped 15.6 percent in the first quarter from a year earlier, and the city's loan balance targeting the technology sector, the green and sustainable sector, and inclusive financing all exceeded 1 trillion yuan (US$137.7 billion) by the end of March.
Shanghai will explore new mechanisms and financial systems to serve as a testing ground, with pilot programs set to be put in place ahead of other parts of the country.
Financial services should also focus on serving the real economy, and Shanghai would strive to improve the efficiency and level of financial services to aim for high-quality development, Chen added.
At the same time, financial institutions should also better serve Chinese enterprises' overseas expansion by better leveraging the Belt and Road Initiative.
Shanghai would also deepen its systematic opening up and enhance the internationalization of the financial market to create a more favorable financial development ecology.
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