Wu Wei: Building Shanghai into a Hotspot Where Global Capital is Willing to Come, Stay, and Thrive

On November 5th, Wu Wei, Member of the Standing Committee of the Shanghai Municipal Committee and Executive Vice Mayor of Shanghai, stated at the sub-forum "Finance Facilitating Global Economic and Trade Development" of the 8th Hongqiao International Economic Forum that under the strong leadership of the Party Central Committee and the State Council, the effective guidance of national financial regulatory authorities, and the joint support from all sectors of society, Shanghai has comprehensively advanced various tasks of financial reform, continuously enhancing the development level of the Shanghai International Financial Center.

According to him, from January to September this year, the total transaction volume of Shanghai's financial markets reached 2,967.83 trillion yuan, a year-on-year increase of 12.7%, encompassing multiple fields such as stocks, bonds, futures, insurance, trusts, and foreign exchange. National-level markets like the Shanghai Stock Exchange and the Shanghai Futures Exchange are increasingly becoming important platforms for attracting global capital and pricing global assets. The total stock market capitalization and the scale of the interbank bond market rank among the top globally. Shanghai is home to 1,796 licensed financial institutions, approximately one-third of which are foreign-funded institutions. The IMF Shanghai Center is currently in trial operation.

Wu Wei stated that Shanghai will thoroughly implement the decisions and deployments of the Party Central Committee, continuously deepen financial market reforms, and advance high-level financial opening up, aiming to build Shanghai into a hotspot where global capital is willing to come, stay, and thrive.

First, build convenient bridges for cross-border investment and financing. Leverage the pilot role of the Pilot Free Trade Zone and the Lingang New Area to provide more flexible and efficient solutions for cross-border financial services. Establish Shanghai as a key node city for financial cooperation under the "Belt and Road" Initiative, facilitating infrastructure connectivity and deep industrial chain cooperation along the Belt and Road.

Second, stimulate new momentum for global trade and industry. Continue to innovate in products such as supply chain finance, trade finance, and export credit insurance, support the development of new forms of trade, meet the financing needs of various enterprises, and contribute to the smooth flow and stable operation of funds in global supply chains.

Third, jointly foster an open and inclusive financial cooperation ecosystem. Continuously improve the financial regulatory and policy system, create a world-class financial business environment, strengthen international financial exchanges and cooperation, and jointly safeguard global financial stability and development. Embrace the wave of fintech to build digital and intelligent financial infrastructure for global economic and trade development.