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Banks to better serve city's opening-up and reform

April 02, 2021

Shanghai’s banking industry will assume more important tasks and responsibilities to better serve the city’s financial opening-up and reform over the next five years, local officials have pledged.
Liu Qi, deputy director of the Shanghai office of China Banking and Insurance Regulatory Commission, stressed the commitment of the industry at a recent meeting with an aim to clarify the local banking sector's role during the 14th Five-Year Plan (2021-2025) period.
"We will help strengthen the city’s global resources allocation function as an international financial center by supporting Pudong's high-level reform and opening-up," Liu was quoted as saying via an official press release.
To that end, Shanghai will further improve the cluster of financial institutions, effectively implement the strategy of further opening-up of the financial industry, and achieve new breakthroughs in cross-border finance and yuan internationalization.
To support Shanghai’s goal of building itself into a globally competitive financial technology center, banks will promote the wide application of core technologies represented by big data, artificial intelligence, blockchain, cloud computing and 5G in financial market transactions, payment and settlement services, smart banking, intelligent investment and other fields.