2021 Building Shanghai as an International Financial Center Seminar Held at SAIF

2021-10-11

On August 24th, the 14th Five-Year Plan for the Building of Shanghai as an International Financial Center (the Plan) was released by the Shanghai Municipal People’s Government.

On September 24th, the 2021 Building Shanghai as an International Financial Center seminar was held at the Xuhui Campus of SAIF by the Professional Research Committee of the International Financial Center at the Shanghai Financial Society (PRC). The conference was presided over by Professor Feng Li (Secretary of PRC, Professor of Accounting at SAIF, Associate Director of CAFR, and Co-Director of SAIFR).

Professor Qigui Zhu (Chair of the PRC, Secretary of the CPC SAIF Committee) delivered a welcome speech. He summarized achievements made in the construction of Shanghai as an International Financial Center and the new objectives proposed in the Plan. He also reviewed work accomplished by the PRC in the past year. As the Chair Institution of the PRC, SAIF used its think tanks to give high-quality reports on important financial issues, organized several seminars to interpret the policies, and gave suggestions on the implementation of specific measures.

Changqing Liu, Deputy Director of the International Financial Research Department of the People's Bank of China (Shanghai Headquarters), said in his speech that Shanghai aims to be the central node of domestic circulation and the strategic link between domestic and international dual circulation. Shanghai should also become the center of RMB products and an upgraded International Financial Center. Therefore, further expanding financial opening-up, attracting more international investors, and providing more RMB financial products to the world have become important tasks for Shanghai as an International Financial Center. Liu said that this transformation is full of opportunities and challenges, and it cannot succeed without advice given by scholars and experts.

Doctor Ting Wu (Associate Researcher at CAFR) reported the main contents of the 2021 International Financial Center Development Report. The Report was jointly co-authored by the PRC, the People's Bank of China (Shanghai Headquarters), and SAIF. It analyzes authoritative data from financial markets at home and abroad and compares Shanghai with New York, London, and other famous international financial centers in order to annually interpret differences and assess development.

More than 20 scholars and experts from different institutions and universities attended the seminar, including: China Financial Futures Exchange, China Foreign Exchange Trade System & National Interbank Funding Center, Shanghai Commercial Paper Exchange Corporation, People's Bank of China, Bank of Communications, SAIF, etc. In the discussion session, participants shared their opinions on the 2021 International Financial Center Development Report and made positive suggestions on the development of Shanghai as an International Financial Center.