April 06, 2017

Mayor stresses financial reform and supervision

Mayor Ying Yong said Shanghai should gear up its efforts to become an international financial center and a global innovation center and make breakthroughs in financial reforms. He was speaking at a financial meeting on Thursday.

Ying visited the People’s Bank of China Shanghai Headquarters and had a meeting with officials from the PBOC, the China Banking Regulatory Commission, the China Securities Regulatory Commission, China UnionPay, China Foreign Exchange Trade System, Shanghai Stock Exchange, and Shanghai Futures Exchange.

He said Shanghai must follow the national strategy to transform into an international financial center in 2020, compatible with China’s economic power and yuan’s international status.

Officials should deepen reforms in Shanghai Pilot Free Trade Zone and further open up the financial market, the mayor said.

The government should support economic restructuring and emerging industries and help traditional industries to reduce costs and burdens, Ying said.

Financial institutions must step up their efforts against risks and strengthen supervision according to the law, he added.