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US conference discusses Shanghai's rise

Oct 17, 2016

Government officials and financial professionals gathered at the first Shanghai Financial Innovation Forum in New York City on Friday, discussing Shanghai's rise as a global financial hub and its role in China's ongoing economic transformation.

The forum, hosted by the Shanghai Municipal Financial Services Office and the Information Office of Shanghai Municipality convened global financial leaders to celebrate the third anniversary of the establishment of the Shanghai Pilot Free Trade Zone and discuss China's strategy to strengthen Shanghai's position as a hub for financial innovation.

Wang Xinkui, chairman and president of Shanghai WTO Affairs Consultation Center, told the audience: "China has been striving to cope with the challenges presented by the new stage of economic globalization," and reaffirmed Shanghai's commitment to free trade as part of the solution to slowing economic growth. "The government's regulation regime for foreign investment will be reformed and trade facilitation shall be improved," Wang said.

Eswar Prasad, senior professor of trade policy at Cornell University and Senior Fellow at the Brookings Institution, discussed the evolution of the RMB and China's policy in promoting the role of its currency. Professionals from financial and trade sectors also attended the forum to share ideas and recommendations for the future of Shanghai, and work toward a greater partnership between China and the US.

Shanghai is accelerating its building of an international financial center and development of the free trade zone in accordance with national strategy. It aims to create an innovation center with global influence, assisting the restructuring of Chinese economy.   The forum, taking place in the context of weak global economic growth and international financial market turmoil, explored the initiatives adopted by Shanghai in opening up and innovation for the international financial center development.

Several crucial issues were discussed, including how to expand cooperation between Chinese and US financial sectors amid financial opening up and innovation in the Shanghai Pilot Free Trade Zone, and the profound impact on people's lifestyles caused by the flourishing new finance, such as Internet finance.