{"id":8358,"date":"2024-09-04T14:50:39","date_gmt":"2024-09-04T07:50:39","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=8358"},"modified":"2024-09-04T14:50:39","modified_gmt":"2024-09-04T07:50:39","slug":"shanghai-amends-regulations-to-solidify-its-role-as-a-global-financial-hub","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=8358","title":{"rendered":"Shanghai amends regulations to solidify its role as a global financial hub"},"content":{"rendered":"

SHANGHAI<\/span><\/span>, Sept. 3, 2024<\/span><\/span> \/PRNewswire\/\u00a0— A news report from\u00a0english.shanghai.gov.cn:<\/p>\n

The legislature of Shanghai<\/span> passed revised regulations on August 22<\/span> to further advance the city as an international financial center.<\/p>\n

The regulations, which will take effect on October 1<\/span>, emphasize deepening financial reforms, thus bolstering support for the real economy and mitigating financial risks while establishing a strong legal foundation for Shanghai’s<\/span> pivotal role in national finance.<\/p>\n

A major focus of the revised regulations is enhancing Shanghai’s<\/span> financial infrastructure and institutional framework.<\/p>\n

The city will encourage the establishment of headquarters and specialized branches of financial institutions to facilitate growth of a diversified financial ecosystem.<\/p>\n

To strengthen the capital markets, Shanghai<\/span> will improve financial metrics, such as the “Shanghai Price” and “Shanghai Index,” and develop Chinese yuan asset pricing benchmarks.<\/p>\n

Additionally, a national platform for bulk commodity circulation will be built, underscoring Shanghai’s<\/span> role in the global trading system.<\/p>\n

In terms of financial innovation, the city aims to position itself as a global fintech center. This includes developing infrastructure, key institutions, and innovation platforms for fintech and advancing research, development, and application of digital renminbi.<\/p>\n

Pilot zones will be established to support financing for technology firms, with the Lin-gang Special Area leading innovations in tech insurance.<\/p>\n

The regulations also support green finance by developing service platforms and certification institutions, promoting the coordinated growth of financial and carbon markets.<\/p>\n

The regulations address the growing needs of the elder sector and silver economy, encouraging innovation in financial products related to elder care and health.<\/p>\n

Additionally, the city will deepen the application of digital platforms to expand inclusive finance and support the development of supply chain finance.<\/p>\n

The revised regulations also promote high-level financial opening-up by advocating the use of renminbi in global markets, including bulk commodities, cross-border e-commerce, shipping services, and international investment and financing.<\/p>\n

Shanghai<\/span> also aims to establish itself as a global asset management center and an international reinsurance hub.<\/p>\n

Related Story:
International Financial Center<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

SHANGHAI<\/span><\/span>, Sept. 3, 2024<\/span><\/span> \/PRNewswire\/\u00a0— A news report from\u00a0english.shanghai.gov.cn:<\/p>\n

The legislature of Shanghai<\/span> passed revised regulations on August 22<\/span> to further advance the city as an international financial center.<\/p>\n

The regulations, which will take effect on October 1<\/span>, emphasize deepening financial reforms, thus bolstering support for the real economy and mitigating financial risks while establishing a strong legal foundation for Shanghai’s<\/span> pivotal role in national finance.<\/p>\n

A major focus of the revised regulations is enhancing Shanghai’s<\/span> financial infrastructure and institutional framework.<\/p>\n

The city will encourage the establishment of headquarters and specialized branches of financial institutions to facilitate growth of a diversified financial ecosystem.<\/p>\n

To strengthen the capital markets, Shanghai<\/span> will improve financial metrics, such as the “Shanghai Price” and “Shanghai Index,” and develop Chinese yuan asset pricing benchmarks.<\/p>\n

Additionally, a national platform for bulk commodity circulation will be built, underscoring Shanghai’s<\/span> role in the global trading system.<\/p>\n

In terms of financial innovation, the city aims to position itself as a global fintech center. This includes developing infrastructure, key institutions, and innovation platforms for fintech and advancing research, development, and application of digital renminbi.<\/p>\n

Pilot zones will be established to support financing for technology firms, with the Lin-gang Special Area leading innovations in tech insurance.<\/p>\n

The regulations also support green finance by developing service platforms and certification institutions, promoting the coordinated growth of financial and carbon markets.<\/p>\n

The regulations address the growing needs of the elder sector and silver economy, encouraging innovation in financial products related to elder care and health.<\/p>\n

Additionally, the city will deepen the application of digital platforms to expand inclusive finance and support the development of supply chain finance.<\/p>\n

The revised regulations also promote high-level financial opening-up by advocating the use of renminbi in global markets, including bulk commodities, cross-border e-commerce, shipping services, and international investment and financing.<\/p>\n

Shanghai<\/span> also aims to establish itself as a global asset management center and an international reinsurance hub.<\/p>\n

Related Story:
International Financial Center<\/a><\/p>\n

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