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Press release for the media briefing of the Shanghai Municipal Government on April 27, 2023
The Information Office of Shanghai Municipality held the third press briefing on the series “Creating a First-class Business Environment and Serving to Build a New Development Pattern” on the morning of today (April 27). The theme of the press briefing is “Continuously Optimizing the Financial Business Environment and Creating an Outstanding Financial Ecosystem in Line with International Standards.” Zhou Xiaoquan, director of the Shanghai Municipal Financial Regulatory Bureau, gave a briefing on the city’s achievements in optimizing the financial business environment and improving financial services.Liu Xingya, deputy director of the People’s Bank of China Shanghai Head Office, Cao Guangqun, deputy director of the Shanghai Banking and Insurance Regulatory Bureau, and Wang Dengyong, deputy director of the Shanghai Securities Regulatory Bureau, attended the press briefing and answered questions from reporters. In recent years, Shanghai has been forging ahead to actively respond to the needs of market entities, while making every effort to create a first-class financial business environment that is market-oriented, law-based, and internationalized. The financial development ecosystem has been continuously optimized, financial services continuously improved, and the vitality of the financial market fully unleashed. The achievements are mainly reflected in five aspects:1. The city has continuously enhanced service capabilities in key areas to address existing weakness, and created a sound business environment for the high-quality development of the real economy. The achievements are mainly reflected in two fields. First, the city has built an investment and financing chain that serves innovation-driven enterprises. It gave play to the role of venture capital in terms of the “first kilometer” to actively support the accelerated development of innovation start-ups. The city leveraged bank credit by continuously optimizing technology-exclusive credit products such as “Sci-tech Performance Credit” and “Sci-tech Assistance Credit.” By the end of 2022, the loan balance of technology-oriented enterprises in Shanghai increased by 52% compared with the beginning of the year. The city gave play to the demonstration and leading role of the Science and Technology Innovation Board (STAR Market), making it the preferred choice for “hard technology” enterprises to go public. As of the end of March, there were 510 companies listed on the Star Market, with cumulative initial offering proceeds of 771.7 billion yuan and a total market value of 6.6 trillion yuan. The city implemented the “Light of Pujiang” action and built an important investment and financing center serving national science and technology enterprises. The Science and Technology Financial Reform Pilot Zone and the Science and Technology Insurance Innovation Leading Zone have been launched in Shanghai. Second, the city has provided full-range support for the growth of small and medium-sized enterprises. It launched an inclusive financial advisory system, while inclusive finance saw increased volume, expanded coverage, improved quality and lower prices. The city continued to expand the application of big data in inclusive finance, serving a total of 550,000 enterprises, and supporting the issuance of 380 billion yuan in loans. The scale of government financing guarantee has exceeded 200 billion yuan. According to the assessment report on the development environment of small and medium-sized enterprises released by the Ministry of Industry and Information Technology, Shanghai has ranked first for three consecutive years in terms of the financing environment for small and medium-sized enterprises.2. The city has continuously expanded high-level financial reform and opening-up, and created a sound business environment for the agglomeration and development of Chinese and foreign financial institutions. The achievements are mainly reflected in three fields. First, the city’s role as a gateway for financial opening-up has been more prominent. The China (Shanghai) Pilot Free Trade Zone and Lingang New Area have achieved significant results in terms of pilot programs, such as creating free trade accounts, launching cross-border two-way RMB capital pools, and carrying out pilot reform on high-level opening-up of foreign exchange management in cross-border trade and investment. The Shanghai-Hong Kong Stock Connect, Bond Connect and Shanghai-London Stock Connect have been launched, and the Swap Connect will be launched soon, marking important progress in financial market connectivity. The international influence of “Shanghai Prices” in terms of “Shanghai Gold”, “Shanghai Crude Oil” and “Shanghai Copper” has been rising. The payment clearing system has been continuously improved, and the RMB Cross-border Interbank Payment System (CIPS) has basically covered the world’s major economies. The city has started the construction of an international reinsurance business platform. Second, the city’s brand awareness as a financial hub has been expanded. Lujiazui Financial City took the initiative nationwide to implement the public governance structure that integrates “industry co-governance and statutory institutions.” The financial agglomeration belt along the Huangpu River has seen improved capabilities. The Lujiazui Forum has been successfully held for 13 years, becoming an internationally renowned high-end dialogue platform, and the 14th session will be held soon. The Shanghai Financial Innovation Awards have been launched, honoring many outstanding achievements with strong innovation and demonstration effect. Third, the city has stepped up to pull together Chinese and foreign-funded financial institutions. The total number of licensed financial institutions in Shanghai reached 1,736, including 539 foreign-funded financial institutions. A series of first-of-its-kind-in-China foreign-funded financial institutions have been launched in Shanghai, covering most of the areas that are newly opened to foreign investment. 3. The city has continuously promoted the digital transformation of the financial sector and created a sound business environment for financial services empowerment. The achievements are mainly reflected in three fields. First, the city gradually enriched data resources for financial technology, while supporting the establishment of Shanghai Data Exchange, and building the local financial supervision information platform. Second, the city initially built a fintech ecosystem, attracting and cultivating a myriad of high-quality fintech enterprises, establishing a fintech industry alliance and an intelligent investment research technology alliance. Third, the city advanced major pilots in an orderly manner, and carried out pilot projects such as the People’s Bank of China’s innovative fintech supervision tools and fintech innovation for the capital market. The pilot program on digital RMB, digital RMB cross-regional payment in the Yangtze River Delta and other key innovative scenarios have been implemented in Shanghai, and the construction of a fintech center has achieved initial results.4. The city has continuously formed financial rules and systems in line with international standards and created a sound business environment for better participation in international cooperation and competition. The achievements are mainly reflected in three fields. First, the city deepened the rule-of-law construction in the financial sector. It took the lead nationwide in establishing the financial court and financial arbitration court. The Shanghai Municipal People’s Congress promulgated the Regulations on Local Financial Supervision and Administration of Shanghai and Several Regulations on the Development of Green Finance in Pudong New Area. Second, the city continuously improved the establishment of credit and consumer protection systems. The Credit Information Center of the People’s Bank of China was established in Shanghai, and the China Securities Small and Medium Investors Service Center, the China Securities Capital Market Legal Service Center, the Shanghai Financial Consumer Dispute Mediation Center, and the Shanghai Banking and Insurance Dispute Mediation Center were set up in the city. Third, the city continuously improved urban governance. The unified online government services and unified management system have been further promoted. Financial risks are generally controllable under a shrinking trend, and key phased results have been achieved in the battle to prevent and resolve major financial risks. The city has been commended by the State Council for the success in maintaining financial order and resolving financial risks.5. The city has continuously built a highland for international financial talents and created a sound business environment for financial talents to settle down. The city comprehensively implemented the “Shanghai Golden Talent” project, with stepped-up efforts to lure overseas high-level financial talents, continuously improve financial talent service policies, and ensure that financial talents can settle down and work in Shanghai without any worries or concerns. The number of people working in the financial sector in Shanghai has exceeded 470,000, and the quality of talents has been further improved. Moving forward, Shanghai will follow the general tone of seeking progress while maintaining stability, benchmark against the new requirements of high-quality development, benchmark against the world’s highest and best standards, improve the convenience of financial services, strengthen the function of global resource allocation, enhance financial risk prevention and resolution, maintain financial security, create a friendly financial business environment, and lay a solid foundation for Shanghai to further act as a pioneer of Chinese-style modernization.First, the city will accelerate the implementation of the national strategy and create an “upgraded” international financial center. The city will implement the opinions for Pudong to serve as a pioneer area for socialist modernization, give full play to the advantages of RMB assets in the Shanghai International Financial Center, and enhance the core functions of the financial center. The city will capture the opportunity during the establishment of an international financial asset trading platform to work out innovative mechanisms and arrangements to serve as a “transfer interface” between Chinese and foreign financial markets, and better support Chinese and foreign investors to participate in China’s financial market. With the development of offshore RMB trading as the starting point, the city will foster high-level institutional supply and pursue new development space in terms of system opening-up on rules, regulations, management, and standards. The city will build an offshore RMB trading center, and better coordinate the development of onshore and offshore business. At the same time, the city will continue to develop internationally oriented RMB financial products and promote the pilot program of RMB foreign exchange futures trading. The city will deepen the construction of a global asset management center and enhance the attractiveness of RMB assets.Second, the city will deepen financial reform and opening-up and build a functional highland for global resource allocation. It will improve the financial market system, product system, institutional system, and infrastructure system, and further improve the level of internationalization. The city will build an open and efficient financial market system, contribute to the full implementation of reform on the registration-based IPO system, and improve the financing function of the capital market. The city will deeply explore the high-level institutional opening-up of finance, enhance risk stress tests in the pilot free trade zone and the Lingang New Area, and accelerate the benchmarking against the top economic and trade rules. The city will cultivate a well-established financial product system, increase the supply of financial derivatives, and enrich the varieties of commodities and financial futures and options. The city will improve the multi-level, wide-coverage, high-level financial institution system, accelerate the agglomeration of institutions, and continue to promote the implementation of opening-up projects. The city will build an interconnected financial infrastructure system, promote the interconnection and unified opening-up of interbank and exchange-based bond markets at a high level, and enhance the capabilities to serve domestic and international investors.Third, the city will provide high-quality financial supply, and focus on improving financing efficiency and lowering financing costs. With the task to serve the real economy as the starting point and priority, the city will improve the quality and efficiency of financial services. It will enhance the coordination and cooperation in terms of financial policies, and fully contribute to the development of “3+6” key industrial clusters, particularly innovation start-ups, micro, small and medium-sized enterprises, as well as privately-held enterprises. The city will strengthen the linkage between the financial center and the economic, sci-tech innovation, trade and shipping center, thus forming a joint force to promote high-quality economic development. The city will improve the green investment and financing service system and promote itself as an international green finance hub. The city will enhance people’s livelihood by increasing financial support for elderly care, medical and health sectors and ensuring assistance to the key areas that matter for people’s livelihood.Fourth, the city will maintain financial security and stability, and comprehensively improve financial governance and services. The city will deepen the rule-of-law construction and revise the regulations on the construction of the international financial center. It will strengthen local financial supervision and support the healthy development of local financial organizations. The city will improve financial risk monitoring, early warning, risk prevention and resolution, in a bid to ensure that no regional or systemic financial risk occurs. The city will build a financial market transaction report database and improve the level of financial market monitoring. The city will create a complete closed-loop system to attract and retain financial talents, mainly targeting financial talents with international visions and familiar with international rules. The city will carry out pilot projects for the safe and orderly cross-border flow of financial data, and support the construction of an international data port in the Lingang New Area.