Two Sessions: Mayor Vows Good Results in 5 Key Financial Areas

Editor's note:

As Shanghai convenes its annual Two Sessions, the city's policy direction offers a vital blueprint for China's economic ambitions. This series rounds up key proposals from deputies across the finance, tech, automotive, and healthcare sectors. For global investors, these discussions signal the next phase of growth in one of the world's most dynamic hubs.

As a global financial center, Shanghai will continue to open up its market during the 15th Five-Year Plan (2026-2030) period and better integrate into the global financial community.

"We will enhance the competitiveness and influence of Shanghai's financial industry, steadily expand the institutional opening-up and make our market more international," Mayor Gong Zheng said when delivering the government work report at Tuesday's opening ceremony of the fourth session of the 16th Shanghai People's Congress.

"We will try to deliver good results in the 'five key areas' of fintech, green finance, inclusive finance, senior-care finance and digital finance to better serve the real economy. We will also improve yuan asset allocation and risk management, while firmly guarding against systemic financial risks," he added.

Wang Yunfeng, a political advisor in Shanghai and president and CEO of HSBC Bank (China) Co Ltd, suggested the city leverage the advantage of being in the center of the Yangtze River Delta region, where cities have strengths in either technology, manufacturing or foreign trade, which can help to enhance the linkage of being a global center for finance and sci-tech.

"This can help Shanghai develop its offshore financial system, accelerate the internationalization of the yuan, and support enterprises going global," Wang noted. "In particular, Shanghai should focus on deepening cross-border collaboration with major global international financial centers such as Hong Kong and enhancing connectivity.

"While fully leveraging the strengths of China's economic development, Shanghai should continuously absorb good practices from overseas financial markets, and gradually develop into a modern international financial center that matches China's comprehensive national strength and international influence."

In 2025, the city's turnover of major financial markets reached US$584 trillion, a year-on-year increase of 11.2 percent. Among them, the revenue of the Shanghai Gold Exchange rose by 44.1 percent, the income of securities on the Shanghai Stock Exchange climbed by 32.2 percent, while the earnings of the Shanghai Futures Exchange grew by 23.0 percent.

As of the end of December, the balance of the yuan and foreign currency deposits of Chinese and foreign financial institutions in the city stood at 24.5 trillion yuan (US$3.5 trillion), a year-on-year rise of 11.3 percent. The balance of loans hit 13.07 trillion yuan, up 6.5 percent annually.