Shanghai aims to become B&R investment and financing center, official

BEIJING, Mar. 29 (Xinhua) -- China's Shanghai Municipality will rely on the financial reform and innovation in the Shanghai free trade zone to further tap the “Belt and Road” financial service demand and build Shanghai into an investment and financing center under the Belt and Road Initiative and a global RMB financial service center, on the premise of risk under control, according to Qin Liping, chief economist of the Shanghai Municipal Development and Reform Commission.

The second-phase RMB cross-border payment system CIPS was put into trial operation in Shanghai on Monday. It had attracted 508 indirect participants from the countries and regions along the “Belt and Road” as of the end of 2017.

Meanwhile, the Shanghai Stock Exchange, the China Financial Futures Exchange, etc. cooperated with Pakistani partners to acquire 40 percent of the Pakistan Stock Exchange. The Dubai Gold and Commodities Exchange listed futures contracts based on “Shanghai Gold”.

The above actions show Shanghai's efforts to accelerate the construction of an international financial center.

Shanghai is actively promoting two-way opening and interconnection of financial markets, attracting financial institutions to actively participate in the construction of the Belt and Road, and strengthening financial “links” with the countries and regions along the Belt and Road routes, according to Li Jun, deputy director of the Shanghai Financial Service Office.

It is reported that this year, Shanghai will also extend the applicable subjects of free trade accounts to enterprises that have actual needs in the city, including entities that serve the construction of the Belt and Road and the “going out” enterprises with international trade settlement and financing needs.