Shanghai boosts efforts to become financial hub

Major centre: Pedestrians in Pudong’s Lujiazui financial district in Shanghai. The city is now home to about 50 foreign banking and insurance corporate institutions. — Bloomberg

SHANGHAI: Shanghai will further expedite efforts to advance financial opening-up at the institutional level to reinforce its role as a rising international financial hub, an official says.

Efforts will be made in the city to establish an offshore financial system, facilitate global use of the yuan and improve the synergy of Shanghai-based financial institutions with those in other areas, said Wang Junshou, head of the China Banking and Insurance Regulatory Commission’s Shanghai Office.