Shanghai Municipal State-Owned Assets and Enterprises in Financial Sectors Accelerating Reforms and Growth

Shanghai held a conference on supporting economic transformation with better financial services on July 19, 2010

Shanghai municipal state-owned assets and enterprises in financial sectors play an essential role in the construction of the Shanghai international financial center. Currently, Shanghai has 13 municipal financial enterprises, covering the industries of banking, securities, insurance and integrated financial services. By the end of 2013, the total assets of such enterprises and the net assets belonging to the parent companies reached 6.26 trillion RMB and 549.7 billion RMB, respectively. That was a year on year increase of 16.5% and 11.5%, respectively. Overall operational revenue and net margins going to shareholders of the parent companies were 357.9 billion RMB and 76 billion RMB, respectively, a year on year increase of 15.3% and 27%, respectively.

Among these enterprises, China Pacific Insurance (Group) Co ranked on the list of Fortune Global 500 consecutively from 2011 to 2013, and it has newly ranked 429. Shanghai Pudong Development Bank ranked 460 on the list of Fortune Global 500 in 2013, its first ranking on the list.

In December 2013, the Shanghai municipal government promulgated the Twenty Measures on the Reforms of State-owned Assets and Enterprises. The measures set as reform goals the acceleration of growth of a mixed ownership economy, the promotion of listing of enterprises, the establishment and refinement of an equity incentive mechanism, the bringing in of strategic investors, and the enhancement of core competitiveness in enterprises. Shanghai municipal state-owned assets and enterprises in financial sectors are now undertaking market-oriented restructuring, adjustment and upgrading, and innovation in the process of reforms and opening up.