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Bank to support cross-border financial reform in Shanghai FTZ

Updated: 2020-01-07

The Shanghai government signed a cooperation agreement with China Construction Bank on Dec 25.

According to the deal, both sides will work to boost development of the Lin-gang Special New Area of Shanghai Free Trade Zone, provide financial services to companies listed on the science and technology board of the Shanghai Stock Exchange, and help build Shanghai into an international financial center.

The signing ceremony was attended by Li Qiang, Party secretary of Shanghai, Ying Yong, mayor of Shanghai, and Tian Guoli, chairman of China Construction Bank.

Li expressed thanks to China Construction Bank for its contributions to Shanghai's development over the years. He briefly introduced the city's goal to develop its financial technology sector and expressed hope that China Construction Bank would offer help in achieving this.

Li vowed that Shanghai would provide better services and business climate for China Construction Bank.

Ying also delivered a speech in which he said that Shanghai is working to develop financial technology. He pleaded for the bank to help build Shanghai into a center of international economy, finance, trade, shipping and technological innovation.

Tian thanked Shanghai for the support it has given to China Construction Bank. He said that Shanghai has abundant financial resources and skilled workers, which offer opportunities for the bank to carry out financial reforms.

He said that China Construction Bank will step up efforts to boost growth in Shanghai.

Ying and Tian signed the deal, unveiling a new fund to support technological innovation and the construction of the China Construction Bank International Financial Innovation Center.

According to the deal, the new fund will be used to support the growth of emerging industries and technological companies in the Yangtze River Delta region. The China Construction Bank (Shanghai) International Financial Innovation Center will focus on helping Shanghai explore cross-border financial reforms in the Shanghai Free Trade Zone。