tour of the republic | showing the world the ambition of a financial center city
2024-10-01
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shanghai stock exchange copper bull.
in 1984, the first standardized stock was issued in new china; in 1990, the first stock exchange, the shanghai stock exchange, opened with a gong; in 1994, the china foreign exchange trading center was completed and opened, and shanghai became the birthplace of the rmb exchange rate; in 1996 , the national interbank lending market was established in shanghai... if these "national firsts" laid the foundation for a financial center city, then more "national firsts" in the future will show the world that shanghai has become a top financial city. the ambition of the center to accelerate the run.
inside the shanghai stock exchange.
in 2023, the total transaction volume of shanghai's financial market will increase by 15% year-on-year, and the cross-border rmb settlement volume will exceed 20 trillion yuan; there are more than 1,770 licensed financial institutions of various types, and foreign financial institutions account for nearly one-third; "shanghai gold" the price influence of shanghai oil, shanghai copper, etc. is expanding day by day; the number of financial practitioners reaches 500,000... after years of continuous struggle, shanghai has basically built an international financial center commensurate with my country's economic strength and the international status of the rmb, moving towards a new stage of comprehensively improving energy levels.
from start to sprint
since the founding of new china 75 years ago, the financial industry has gone through a glorious journey. data show that at the end of 2001, the loan balance of all financial institutions in my country was 11.2 trillion yuan; as of the end of august 2024, the domestic and foreign currency loan balance of my country's financial institutions was 256.24 trillion yuan. the financial industry is booming, creating a good financial environment for high-quality economic and social development.
building shanghai into an international financial center is not just a regional plan for one city or one place, but a national strategy. in october 1992, the report of the fourteenth national congress of the communist party of china clearly pointed out that the development and opening up of pudong should be taken as the leader, further opening up the cities along the yangtze river, and building shanghai into one of the international economic, financial and trade centers as soon as possible, driving the economy of the yangtze river delta and the entire yangtze river basin region new leap forward. as a result, many financial factor markets, such as the china foreign exchange trading center and the national interbank market, were successively established and opened in shanghai.
on may 9, 2008, the first lujiazui forum opened at pudong shangri-la hotel.
a guest publicly asked a question at the scene: "london and new york are recognized international financial centers. these two areas are in different time zones. we need a third different financial time zone, located in east asia, so that the entire world can achieve 24-hour transactions." what are the chances of shanghai becoming the third world financial center?”
"it's a matter of time. shanghai will definitely become the financial center of this region." kenneth lewis, then chairman and ceo of bank of america, responded.
the following year, the "opinions of the state council on promoting shanghai to accelerate the development of modern service industry and advanced manufacturing industry to build an international financial center and an international shipping center" was released, clearly stating that "by 2020, shanghai must basically build a city commensurate with my country's economic strength and the international status of the rmb." "international financial center" strategic goal. since then, the construction of shanghai international financial center has begun to sprint...
start a new journey
in august 2021, the shanghai municipal government issued the "14th five-year plan for the construction of shanghai international financial center". the overall goal is: by 2025, the level of shanghai international financial center will be significantly improved, its role in serving the high-quality development of the national economy will be further highlighted, the status of the rmb financial asset allocation and risk management center will be further consolidated, and the global resource allocation function will be significantly enhanced. by 2035 lay a solid foundation for building an international financial center with important global influence.
the country’s first newly established foreign-controlled securities firm, jpmorgan chase securities, the first wholly foreign-owned public fund company, blackrock fund management, and the first foreign-owned insurance holding company, allianz insurance holdings...shanghai is the “window” for my country’s financial opening up to the outside world. in the new round of opening-up to the outside world in the financial industry, more “firsts in the country” have frequently landed in this city. at present, the agglomeration effect of chinese and foreign financial institutions in shanghai is obvious. there are 1,771 licensed financial institutions of various types, of which foreign financial institutions account for nearly one-third; there are nearly 200 licensed asset management institutions, accounting for nearly 30% of the country's asset management scale. %.
during the lujiazui forum this year, allianz fund management co., ltd. held an unveiling ceremony. this is the first german wholly foreign-owned public fund management company in china and the sixth newly established foreign-owned public fund in shanghai. allianz is europe's largest financial and insurance group. founded in 1998, allianz investments specializes in asset management business and has grown into one of the world's leading active asset management companies, with a total asset value of more than 533 billion euros under management.
regarding the reasons for choosing to settle in shanghai at this time, wu jiayao, president of allianz investment asia pacific and chairman of allianz funds, said that china’s investment environment is changing rapidly. the opening of the pension market, the improvement of financial literacy and the widespread application of digital technology have brought unprecedented opportunities. "this is a great time to invest in china."
data shows that in addition to the six newly established wholly foreign-owned public funds, the five major domestic banks participated in the establishment of foreign-controlled joint venture financial management companies, and more than half of the newly established foreign-controlled securities firms have settled in shanghai; the qualified domestic limited partners (qdlp) continue to deepen , qualified foreign limited partner (qflp) pilot, 92 internationally renowned asset management institutions participated in the shanghai qflp pilot, and 63 participated in the qdlp pilot.
the relevant person in charge of the financial affairs office of the municipal party committee said that on the premise of safeguarding national interests and ensuring national security, shanghai will transform from financial pipeline opening to institutional opening, and promote high financial standards on a larger scale, in wider fields, and at a higher level. institutional opening to the outside world.
prepare "five big articles"
the central financial work conference held at the end of october 2023 proposed for the first time "five major articles on technology finance, green finance, inclusive finance, pension finance, and digital finance", which clarified the focus and economic focus of financial support for high-quality economic development. the direction of financial structure optimization. focusing on the "five big articles", shanghai is also continuing to improve the ability and level of financial services for high-quality economic development and assisting the development of new productive forces.
in may of this year, china aircraft leasing group holdings co., ltd. delivered a domestically produced arj21 aircraft to indonesian liya airlines through its spv established in the lingang new area in the form of leasing and exporting, completing the country's first domestically produced commercial aircraft as the target. the cross-border rmb settlement leasing business is another new breakthrough for domestic aircraft to go overseas. it is worth noting that, relying on the pilot policy advantage of cross-border finance in the lingang new area, this business uses rmb settlement for both the aircraft procurement and leasing ends. rent transfers are coordinated cross-border by domestic and overseas chinese financial institutions such as bank of china jakarta branch, bank of china shanghai branch rmb clearing center, agricultural bank of china shanghai branch, etc., effectively ensuring the timeliness and security of rent payments. this is a concrete manifestation of the further improvement of the international competitiveness of china's civil aircraft products and the rmb.
in order to better serve the strategic goal of building a financial powerhouse and enhance the competitiveness and influence of shanghai's international financial center, in august this year, the "shanghai municipal regulations on promoting the construction of an international financial center" was revised and promulgated to provide more complete services for the construction of shanghai's international financial center. legal framework and clear objectives.
author: tang weijie
text: tang weijie pictures: visual china editor: fu lu
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