Li Qiang: Outlook for the Development of Shanghai International Financial Center

Li Qiang, member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Shanghai Municipal Committee, addressed the opening ceremony and the first plenary session of the 12th Lujiazui Forum (2020).

1. Givingbetter play to its role as an international financial center and makingevery effort to promote closerinteractionand mutual assistance between global economyand financein times of difficulties.

　　Li Qiang pointed out that Shanghai International Financial Center has beendevelopingrapidlyalong with China's deep integration into the global market, and that it has been growing amidchallenges of variedrisks in theinternationalfinancial markets. In the face of the unexpected COVID-19 outbreak, Shanghai will resolutely follow the requirements of the CPCCentral Committee with Comrade Xi Jinping at its core, better play the role of an international financial center, and makeevery effort to promote closerinteractionand mutual assistance between global economyand financein times of difficulties.

　　2. Further building a hub and portal for financial opening up, enhancing the effectiveness of financial services for the real economy and strengthening the construction of a financial eco-system.

　　Li Qiang notedthat President Xi Jinping has asked Shanghai to constantly strengthen its capacity in allocatingglobal resources, generatingsourcesof scientific and technological innovation, leading high-end industries, serving as a hub and portal of opening up. Finance is one of the core functions of Shanghai and a key area for strengthening the "four major functions". Shanghai will continue to improve its service capacity and move towards becoming an international financial center with greater ability to allocate global resources. Efforts will be made to further build a hub and portal for financial opening up, and vigorously develop Shanghai into a center ofglobal asset management, cross-border investment and financing services, fintech,international insurance,global RMB-denominatedasset pricing and settlement, financial risk management,as well asstress testing. We will further improvethe effectiveness of financial services for the real economy and increasefinancial support for micro,small and medium-sized enterprises, key industries and weak links. We will promote the implementationof financial policies in the Lin’gang Special Area of the Shanghai Pilot Free Trade Zone,facilitate the listing of more science and technology enterprises on the SSE's STARBoard,and vigorously promote the integration of financial services in the Yangtze River Delta. We will also further strengthen the construction of a financial eco-system, improve supportivepolicies for development of the financial sector, mitigateand resolve financial risks, and attract more global financial institutions toShanghai to bring about greater market activity with a better business environment.