Ying Yong, mayor of Shanghai, speaks at a meeting held on March 30 to discuss development of Shanghai's financial sector. Leaders from many top financial institutions including the People's Bank of China Shanghai Head Office attend the meeting. [Photo/WeChat Account: lujiazuijrc]

In a meeting held to discuss Shanghai's financial sector on March 30, Ying Yong, the mayor of Shanghai, has urged the relevant authorities to step up the implementation of the city's financial reform measures. He stressed the importance of keeping focused upon the goal of developing the city into an international financial center by 2020.

Leaders from leading financial institutions, including the People's Bank of China Shanghai Head Office, Shanghai Banking Regulatory Bureau, Shanghai Securities Regulatory Bureau, Shanghai Insurance Regulatory Bureau, China UnionPay, China Foreign Exchange Trade System, and Shanghai Stock Exchange, attended the meeting. They also analyzed the current situation of the financial sector and made relevant suggestions.

Ying expressed his gratitude to local financial institutions for their contributions to Shanghai's economic growth and mentioned the important role of finance in the city's economic development. Ying asked the relevant institutions to strengthen connections between the construction of the city's financial center and free trade zone construction.

The mayor said that the city will actively advance financial opening up and innovation, improve the convenience of trade and investment, and better serve the economy. Additionally, preferential financial policies will be launched to help tech startups, and emerging industries will be supported in a variety of ways.

Ying also urged local officials to pay close attention to financial risk, to enhance financial supervision, and to strengthen legal education to create a framework for legal awareness.