The COVID-19 pandemic has seriously disrupted global economy and finance. However, the development of Shanghai as an international financial center has made steady advances against the headwind. How to assess the progress made in the past 30 years? What weaknesses should the city overcome to enhance its core competitiveness compared with other financial centers across the globec?

Tu Guangshao shared his understanding of “restarting” Shanghai’s journey toward an international financial center, and discussed how this can enable China to play a better role in the allocation of global financial resources and contribute to world economic growth. To this end, he suggested deepening financial reform, expanding opening-up, and giving Fintech a better play, which was complemented by Mark Wang who stressed the importance of creating sound commercial environments.

TU Guangshao

Executive Chairman of Bund Summit Organizing Committee; Executive Council Member, China Finance 40 Forum; Chairman of the Executive Council, Shanghai Finance Institute

Jin Penghui then looked back on the progress Shanghai had made so far, but went further to point out that several weaknesses remained to be addressed, including the underdeveloped insurance and capital market, inadequate product varieties, and the lack of participation by foreign players, among others.

JIN Penghui

Vice President, PBOC Shanghai Head Office; President, PBOC Shanghai Branch

Wang Xin underlined the unique competitive edges of the city and added further advice, with a special mention of green finance and its interaction with Renminbi internationalization, which echoed Lord Mayor’s viewpoints. 


Director-General, Research Bureau, the People's Bank of China

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