The 14th Lujiazui Forum opened in Shanghai on June 8. The theme of this forum is "Global Financial Openness and Cooperation: A New Power to Guide Economic Recovery". As early as September 2013, China's first pilot free trade zone - Shanghai Pilot Free Trade Zone was listed in Pudong. Financial reform and opening up is an important part of the construction of Shanghai Pilot Free Trade Zone. The 14th Lujiazui Forum was held It coincides with the tenth anniversary of the construction of the Free Trade Zone.
In this "experimental field" of reform and innovation, the Pudong New Area Government (Management Committee of the Pilot Free Trade Zone), in conjunction with the financial supervision and municipal departments of the state stationed in Shanghai, actively explored reforms in key areas of finance, forming a large number of pioneering reforms, leading The results of openness and pioneering innovation have provided the "Shanghai Sample" and "Pudong Sample" for the national financial reform, realizing the joint development of the reform and innovation of the Pilot Free Trade Zone, the construction of Shanghai's international financial center, and the construction of Pudong as a leading zone.
Fruitful results of innovation promote a more open financial market system
Focus on promoting the facilitation of finance to promote investment and trade; focus on strengthening the linkage between the financial reform of the Pilot Free Trade Zone and the construction of an international financial center; focus on enhancing the function of financial services for the "Belt and Road" initiative; focus on enhancing the ability to allocate global resources to serve the construction of a new development pattern... …From 2013 to 2023, the financial reform of the Shanghai Pilot Free Trade Zone will undertake the mission and continue to innovate and move forward.
With the joint efforts of all parties, the Shanghai Pilot Free Trade Zone has explored the establishment of a free trade account system that is conducive to risk management, and has taken the lead in promoting the convertibility of capital accounts, the opening of financial markets, the internationalization of RMB, and the marketization of interest rates. The goal of investment and trade facilitation, the adherence to macro-prudential risk control, and the deepening of financial reform, opening up and innovation have yielded fruitful results. According to the "Global Financial Center Index" (GFCI) ranking, Shanghai rose from No. 16 in September 2013 to No. 3 in March 2021, firmly ranking among the top global financial centers.
The financial reform in the Pilot Free Trade Zone has also attracted more financial institutions to gather in Pudong. By the end of 2022, the total number of licensed financial institutions in Pudong will reach 1,173. A number of major financial investment projects have landed one after another. The first batch of wholly foreign-owned public offering funds in China, BlackRock, Fidelity and Neuberger, all settled in Pudong. JPMorgan Chase Securities, the first wholly foreign-owned securities company in the country, was approved to complete the equity change. The first batch of wholly foreign-owned life insurance companies—China-Germany Allianz Life Insurance and HSBC Life Insurance were approved to change their equity. Guangyin Wealth Management Co., Ltd., a wholly-owned subsidiary of China Guangfa Bank, held an unveiling ceremony and became the first wealth management subsidiary of a bank to settle in Pudong and have its parent bank in other places.
At the same time, the agglomeration level of financial institutions continues to increase, and the agglomeration degree of foreign-funded corporate banks, shipping insurance operation centers, foreign-funded insurance corporate companies, foreign-funded reinsurance institutions, joint-venture securities companies, and joint-venture public funds ranks first in the country.
The pace of reform continues to write a new chapter in the linkage development
In the past ten years, the Shanghai Pilot Free Trade Zone has basically formed a financial innovation system framework with the main content of serving the real economy. Established a free trade account monitoring and management system that integrates financial industry negative list management and powerful in-process and post-event risk monitoring and management, and explored a new management model under an open economic system; took the lead in establishing a macro system for cross-border capital flows The prudent management system has explored the operation mode suitable for cross-border risk management after the convertibility of the capital account; deepened the simplification of administration and decentralization in the financial field, and promoted the facilitation of investment and trade; researched and released the negative list of the financial service industry, and expanded financial services through breakthroughs in individual cases The industry is open to the outside world... A number of innovative policies that are mature, well implemented, and risk controllable have been replicated and extended to the whole country.
Seizing the major opportunity of the "Opinions on Leading the District", Pudong has accelerated its deployment of "new tracks" such as financial technology and green finance, helping to promote the expansion of the financial industry.
As of the end of 2022, there are a total of 44 companies listed on the Pudong Science and Technology Innovation Board, with a total of 131.4 billion yuan in initial public offerings and a total market value of 834.6 billion yuan; a series of important financial technology pilots have been successfully implemented in Pudong, and Pudong has become the most important financial technology company in China. The "Several Regulations on the Development of Green Finance in Shanghai Pudong New Area" was promulgated and implemented to promote the comprehensive green transformation of economic and social development...
Today's Pudong is one of the areas with the most dense concentration of financial institutions in the world, one of the areas with the most complete financial factor markets in the world, and the forefront of China's financial innovation. Various financial institutions such as banks, stocks, bonds, futures, currency, bills, foreign exchange, gold, insurance, trusts, etc. come here one after another. Various innovative measures are first tried here to help the capital market continue to develop in this "hot land". metamorphosis. The development pattern of hundreds of battles has been established. Standing at a new starting point, Pudong takes on a new mission and starts again, which will open a new chapter in the global financial market and the international financial system.
