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Ten years of free trade zone financial reform has achieved fruitful "Shanghai experience"

2023-07-05 16:2640

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In this annual financial event, the topic of "Function Improvement of Pilot Free Trade Zone and High-Level Financial Reform and Opening-up" has attracted much attention. From the 2013 China (Shanghai) Pilot Free Trade Zone and China (Shanghai) Pilot Free Trade Zone Lingang new film This year marks the 10th year since the establishment of the district successively.

 

In two days, Huangpu River will witness another financial event—the 14th Lujiazui Forum. In this annual financial event, the topic of "Function Improvement of Pilot Free Trade Zone and High-Level Financial Reform and Opening-up" has attracted much attention. From the 2013 China (Shanghai) Pilot Free Trade Zone and China (Shanghai) Pilot Free Trade Zone Lingang new film This year marks the 10th year since the establishment of the district successively. Over the past 10 years, Shanghai has taken the lead in deepening financial reform and expanding financial opening-up, carried out a series of active explorations, and formed a batch of "Shanghai experience" that can be replicated and promoted. Next, how to further enhance the functions of the Pilot Free Trade Zone and promote high-level financial reform and opening up? How to handle the relationship between financial opening and risk prevention? The Lujiazui Forum will convey the latest voice of financial reform and opening up.

 

Financial reform and innovation continue to help the construction of Shanghai as an international financial center

In September 2013, China's first pilot free trade zone - the Shanghai Pilot Free Trade Zone was listed in Pudong. This "new experimental field" with a total area of only 28.78 square kilometers at that time assumed the important task of exploring new ways to comprehensively deepen reform and expand opening up in the new era, and to form replicable and scalable experience. In August 2019, the Lingang New Area officially set sail, clearly creating a "special economic function zone with more international market influence and competitiveness", and by accelerating the establishment of an institutional system that is in line with internationally accepted rules, it can better meet the needs of commodities. and the requirements for the transition from factor-mobility-type openness to institutional-type openness such as rules. In the past 10 years, the financial reform of the Shanghai Pilot Free Trade Zone has delivered a gratifying answer—the reform of the "commercial registration confirmation system", the reform of "one business, one certificate", and the implementation of the "market entry commitment system"... …Since its establishment, the Shanghai Pilot Free Trade Zone has improved the industry's comprehensive licensing and comprehensive supervision system, promoted the introduction of special measures to relax market access, and created a comprehensive demonstration zone for the business environment. Under the support of the financial reform and opening up of the Shanghai Pilot Free Trade Zone, the construction of Shanghai's international financial center has also achieved leapfrog development: in the ranking of the Global Financial Center Index (GFCI), Shanghai rose from 21st in September 2015 to 3rd in 2022 Ranked No. 4 in the month, the international status and reputation of Shanghai International Financial Center continue to increase. All kinds of foreign-funded financial institutions gather in Shanghai to fully support the construction of Shanghai as a global asset management center. At present, there are over 50 foreign-funded banking and insurance legal person institutions in Shanghai, over 100 foreign-funded provincial-level branches, and over 70 foreign-funded insurance representative offices.


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