The financial district of Shanghai's Pudong New Area. [Photo/thepaper.cn]

During a meeting of the 16th Standing Committee of the Shanghai Municipal Council People's Congress on July 4, Shanghai's legislative body began reviewing draft amendments to regulations intended to strengthen the city's status as an international financial hub.

The public is now invited to provide feedback on the proposed changes from July 4 to 18 to refine the draft before further review.

Originally enacted in 2009, the regulations are currently undergoing a comprehensive revision to align with Shanghai's aspirations of securing its position as a global financial hub. The purpose of the proposed draft amendments is to establish a robust legal framework that will support and enhance this objective.

The draft places significant emphasis on the advancement of technology finance as well as green finance, inclusive finance, pension finance, and digital finance. It also highlights the importance of enhancing financial services for the real economy and optimizing the financial business environment.

The draft outlines specific measures to strengthen the city's financial system, encompassing the development of financial markets, institutions, products, and infrastructure. It proposes reforms to drive high-quality capital market development, innovate bond business, enhance futures and derivatives products, and cultivate regional equity markets.

Furthermore, the draft advocates for high-level financial transparency openness, endorsing initiatives such as the internationalization of the RMB and the establishment of a global asset management center. It also backs the development of offshore financial activities in the Pudong New Area and the establishment of an international reinsurance center.

In a bid to fortify financial regulation and mitigate risks, the draft suggests heightened coordination between local and central financial authorities, the implementation of a financial risk monitoring and early warning system, and the enhancement of mechanisms to address financial emergencies.

Furthermore, the draft aims to cultivate a robust financial talent pool and enhance the financial business environment through innovative judicial mechanisms, arbitration systems, and the integration of public credit information in the financial sector.

Source: thepaper.cn, "shanghairenda" WeChat account