Guiding Principles and Development Goals of the Shanghai Financial Center during the 12th Five-Year Plan

Under the guidance of Deng Xiaoping theories and the important ideas of the “Three Representations,” the mission is to deepen implementation of the Scientific Outlook on Development, in accordance with the State Council, and to adapt to changing domestic and foreign situations, further emancipating minds, striving for progress, seizing opportunity, meeting challenges and emphasizing key areas. It aims to accelerate financial reform and innovation, further expand the opening of financial markets, improve financial service standards and environment, maintain financial stability, promote global resources allocation and serve the economic and social development of Shanghai, laying its foundation as an international financial center consistent with China’s economic strength and the international status of the renminbi by 2020.

The goal is to create a world-class international financial center, expand financial services in a comprehensive way, accelerate financial innovation, strengthen the international status and global influence of Shanghai financial markets, and establish Shanghai as a global center for renminbi product innovation, trading, pricing and liquidity by 2015.

To reach the above goals, the plan presents a structure formed around the concepts of “five systems, eight centers and one central gathering place”

Five systems

To form a multi-level financial market system with trade, pricing and information functions in which domestic and foreign investors participate.

To form a financial institution system with strong innovative and service capability to be used by institutions of all kinds.

To form a financial human resources system with a comprehensive range and effective structures.

To form a modern financial infrastructure system with a rational framework and smooth functioning.

To form a tax, accounting, credit and oversight system as befits the needs of an international financial center.

Eight centers

Cross-border RMB direct investment center

RMB benchmark pricing center

Bulk commodity pricing center

Financial information services center

RMB product innovation center

RMB asset management center

Shipping trade financial services center

RMB cross-border payment and liquidity center

One gathering place

International financial talent gathered in one place