Shanghai's Big Leap: Inside the First High-Level Meeting to Supercharge its International Financial Center Status

Key Points

The first meeting of the Shanghai International Financial Center Construction Coordination and Promotion Mechanism has launched a highly coordinated, top-down effort to accelerate Shanghai’s development as a global financial hub.
Attended by key leaders including Chen Jining (陈吉宁), Wang Jiang (王江), Pan Gongsheng (潘功胜), Li Yunze (李云泽), and Wu Qing (吴清), signaling strong support from the Central Financial Commission, PBC, NFRA, and CSRC.
Key focuses include strengthening risk management, expanding offshore financial functions, improving the technology finance system, and enhancing the internationalization of financial formats.
Multiple ministries (PBC, NFRA, CSRC) presented actions, including NFRA’s “Action Plan” with five aspects and twenty-seven concrete measures, and CSRC’s plans for the SSE STAR Market (科创板), QFII system, and RMB FX futures pilot.
The initiative aims to make Shanghai a global center for RMB asset allocation and risk management and boost synergy with the Hong Kong financial center.

The drive to cement Shanghai as a premier International Financial Center just hit a new gear.

A powerhouse meeting, the very first for the Shanghai International Financial Center Construction Coordination and Promotion Mechanism, took place in Shanghai this afternoon.

Think big names, big plans.

The guest list was a who’s who of China’s financial leadership, all signaling serious intent.

Attendees included:

Chen Jining (Chen Jining 陈吉宁), Secretary of the Shanghai Municipal Party Committee.
Wang Jiang (Wang Jiang 王江), Executive Deputy Director of the Central Financial Commission Office.
Pan Gongsheng (Pan Gongsheng 潘功胜), Governor of the People’s Bank of China.
Li Yunze (Li Yunze 李云泽), Director of the National Financial Regulatory Administration.
Wu Qing (Wu Qing 吴清), Chairman of the China Securities Regulatory Commission.
Gong Zheng (Gong Zheng 龚正), Deputy Secretary of the Shanghai Municipal Party Committee and Mayor of Shanghai.
Zhu Hexin (Zhu Hexin 朱鹤新), Deputy Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange.

All these key players didn’t just show up; they delivered speeches, with Wang Jiang (Wang Jiang 王江) and Gong Zheng (Gong Zheng 龚正) co-chairing the pivotal session.

Setting the Stage: What’s Driving Shanghai’s Financial Ambition?

The meeting wasn’t just a formality.

It served as a direct follow-up to a symposium by central financial institutions, all geared towards backing Shanghai’s ascent as a global financial titan.

Participants got updates on the construction progress of the Shanghai International Financial Center and got down to business deliberating on the agenda.

Chen Jining (Chen Jining 陈吉宁) highlighted the unwavering focus from the top.

“General Secretary Xi Jinping (Xi Jinping 习近平) attaches great importance to and holds high hopes for the construction of the Shanghai International Financial Center,” he noted.

He added that a series of important instructions and requirements have been issued, continuously updating its positioning and assigning new tasks.

These directives are now the fundamental guidance for pushing forward.

Chen emphasized the need to step up, feel the urgency, and always keep the “Greater Good of the Nation” in mind.

He stressed adhering to the principle of “placing Shanghai in the overall national context.”

Under the guidance of central financial regulatory departments, the goal is to elevate their perspective and truly embody the role of a “first mover.”

This means tackling major issues and key tasks head-on, such as:

Strengthening financial risk management.
Expanding offshore financial functions.
Improving the technology finance system.

Key Development Areas for Shanghai IFC

Strengthening financial risk management
Expanding offshore financial functions
Improving the technology finance system

These efforts are aimed at making fresh contributions to building a leading financial nation.

Chen also pointed out that establishing the Shanghai International Financial Center Construction Coordination and Promotion Mechanism isn’t just bureaucratic shuffling.

It’s a crucial institutional setup by the Central Financial Commission.

Why is this a big deal?

It’s about bolstering the Party’s overall leadership in finance, balancing financial opening-up with security, and tapping into the drive of both central and local authorities.

Shanghai is all in on making this mechanism work smoothly and effectively, deepening collaboration to hit new milestones for the Shanghai International Financial Center.

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Key Voices: What China’s Financial Leaders Are Saying

Wang Jiang (Wang Jiang 王江): Central Financial Commission’s Strategic Blueprint


Expected Outcome	Contribution to Financial Nation Building
Comprehensive financial factor market	Robust resource support
Rich and diverse financial institution system	Robust talent support
Sound financial business ecosystem	Robust technical support
Standard and transparent first-class financial environment	Provides foundation for strength

Wang Jiang (Wang Jiang 王江) brought the strategic perspective from the Central Financial Commission Office.

He pointed out that the Party Central Committee, with Comrade Xi Jinping (Xi Jinping 习近平) at its core, is playing the long game, looking at both domestic and international trends.

The decision to fast-track the Shanghai International Financial Center is a significant strategic move aimed at building a modern socialist country.

What are the upsides of accelerating this development and pushing for high-level financial opening-up?

Formation of a comprehensive financial factor market.
A rich and diverse financial institution system.
A sound financial business ecosystem.
A standard and transparent first-class financial environment.

This will provide more robust resource, technical, and talent support for building a strong financial nation.

The Central Financial Commission Office is committed to implementing General Secretary Xi Jinping’s important ideas on financial work and will actively support Shanghai’s acceleration.

They’ll be the ones coordinating oversight, policy formulation, and central-local collaboration to make sure the Party Central Committee’s plans for Shanghai are fully realized.

The ultimate goal? To continuously boost the competitiveness and influence of the Shanghai International Financial Center, serving national rejuvenation through high-quality financial development.

Pan Gongsheng (Pan Gongsheng 潘功胜): People’s Bank of China’s Proactive Stance

PBOC Focus Areas for Shanghai IFC

Enhance internationalization
Enrich new financial formats
Increase foreign investor participation
Improve regulatory arrangements & infrastructure
Develop cross-border services (trade, investment, tech)

Pan Gongsheng (Pan Gongsheng 潘功胜), head of the People’s Bank of China (PBOC), didn’t mince words.

The PBOC has always been a key player and promoter in building the Shanghai International Financial Center.

He reminded everyone that several supportive policy measures were already announced at this year’s Lujiazui Forum – a clear signal of intent.

Looking ahead, the PBOC will zero in on several key areas:

Supporting Shanghai in enhancing the internationalization of its financial center.
Continuously enriching various new financial formats in Shanghai.
Increasing foreign investor participation.
Assisting Shanghai in continuously improving legal and regulatory arrangements, the financial regulatory environment, financial infrastructure, and account systems.

The strategy involves leveraging Shanghai’s existing strengths in economy, trade, shipping, and scientific innovation.

This will help actively develop cross-border trade and investment and financing, technology innovation, and other financial services to further boost Shanghai’s global financial clout.

Li Yunze (Li Yunze 李云泽): National Financial Regulatory Administration’s Action Plan

Li Yunze (Li Yunze 李云ze) from the National Financial Regulatory Administration (NFRA) echoed the importance of the Party Central Committee’s strategic deployment.

The NFRA is fully on board.

During the Lujiazui Forum, the NFRA, alongside the Shanghai Municipal government, dropped an “Action Plan to Support the Construction of Shanghai International Financial Center.”

This plan isn’t just talk; it outlines five aspects and twenty-seven concrete measures.

What’s on NFRA’s to-do list?

Promoting the clustering of various institutions to optimize and strengthen Shanghai’s financial service system.
Assisting in deepening financial market construction and enriching the functions of the Shanghai International Financial Center.
Accelerating the construction of an international reinsurance center to elevate Shanghai’s insurance industry globally.
Improving supporting policies to raise the professional service level of Shanghai’s finance.
Strengthening central-local synergy to better coordinate financial development and security.

Wu Qing (Wu Qing 吴清): CSRC’s Vision for Capital Markets


Key Action Area	Specific Plans/Projects
Capital Market Reform & Opening	Push forward SSE STAR Market reform
Capital Market Reform & Opening	Optimize QFII system
Capital Market Reform & Opening	Research and promote RMB FX futures pilot
Capital Market Reform & Opening	Advance bond market connectivity
Offshore Finance & RMB Internationalization	Support development of offshore finance
Offshore Finance & RMB Internationalization	Position Shanghai as global RMB asset allocation & risk management center
Regional Synergy	Promote synergistic development with Hong Kong financial center

Wu Qing (Wu Qing 吴清), Chairman of the China Securities Regulatory Commission (CSRC), emphasized the CSRC’s commitment to implementing the strategic deployments for Shanghai’s “Five Centers” construction.

The CSRC’s game plan involves a deep integration of promoting high-quality capital market development with advancing the Shanghai International Financial Center.

This means combining the push for capital market reform and opening-up with support for Shanghai’s pilot programs.

It’s about coordinating capital market work with assistance for Shanghai’s broader economic and social development.

This collaboration has already yielded practical results, especially in areas like:

Promoting the high-quality development of the SSE STAR Market (Ke Chuang Ban 科创板) – think China’s Nasdaq-style board for tech champions.
Deepening the reform and opening-up of Shanghai’s capital market.
Jointly fostering a favorable capital market ecosystem.

What’s next for the CSRC under this new Coordination and Promotion Mechanism?

Deepening comprehensive communication and collaboration.
Pushing forward the reform of the SSE STAR Market (Ke Chuang Ban 科创板).
Optimizing the Qualified Foreign Institutional Investor (QFII) system – a key channel for overseas investment into mainland China.
Researching and promoting a pilot for RMB FX futures trading.
Advancing bond market connectivity.
Actively supporting Shanghai in developing offshore finance.
Positioning Shanghai as a global center for RMB asset allocation and risk management.
Fully promoting the synergistic development of the Shanghai and Hong Kong financial centers.

Gong Zheng (Gong Zheng 龚正): Shanghai’s On-the-Ground Commitment

Shanghai Municipal Government Commitments

Full implementation of meeting agenda items
Increase financial support for stabilizing employment, businesses, markets, expectations
Empower development of new quality productive forces
Enhance capacity for controllable financial security
Strengthen core functions of international financial center

Gong Zheng (Gong Zheng 龚正), Shanghai’s Mayor, expressed gratitude for the robust support from the Central Financial Commission Office and all member units of the new mechanism.

He reiterated that establishing this coordination body is a big deal for the city.

Gong expressed hope that various ministries and commissions will step up their support and guidance to further enhance the synergy in building the Shanghai International Financial Center.

Shanghai’s part in this? To actively fulfill its primary responsibility.

This means full implementation of the agenda items from this meeting.

The city will also focus on increasing financial support for stabilizing employment, businesses, markets, and expectations.

Empowering the development of new quality productive forces is also high on the list.

Furthermore, Shanghai aims to enhance its capacity for controllable financial security and strengthen the core functions of the international financial center.

The message is clear: Shanghai is ready to ensure all relevant work is effectively put into action.

The Bigger Picture: What This Coordinated Push Means

This inaugural meeting is more than just a gathering of officials.

It signals a highly coordinated, top-down effort to accelerate Shanghai’s transformation into a truly global financial powerhouse.

The emphasis on “strengthening the Party’s overall leadership,” “central-local synergy,” and a dedicated “Coordination and Promotion Mechanism” suggests a more unified and potent strategy than ever before.

For investors, founders, and techies, this translates to several key developments to watch:

Enhanced Financial Opening: Expect more sophisticated financial products, easier access for foreign capital (like through an improved QFII system), and a more internationalized RMB.
Boost for Tech & Innovation: The focus on the SSE STAR Market (Ke Chuang Ban 科创板) and “technology finance” means more capital and supportive policies for innovative companies. This could be a hotbed for emerging tech listings and investments.
Offshore Finance Expansion: Shanghai is gunning to be a major offshore RMB hub, which could reshape global currency flows and investment strategies.
Risk Management in Focus: Alongside opening up, there’s a strong commitment to financial stability and security, crucial for long-term confidence.

This isn’t just about Shanghai; it’s about China’s broader ambition to build a “strong financial nation” and integrate more deeply with the global economy on its own terms.

Who Else Was in the Room & What’s Next?

Other key figures present included Xia Xiande (Xia Xiande 夏先德), Deputy Director of the Central Financial Commission Office, and Lu Lei (Lu Lei 陆磊), Deputy Governor of the People’s Bank of China.

Shanghai municipal leaders Wu Wei (Wu Wei 吴伟) and Hua Yuan (Hua Yuan 华源) also attended, along with officials from the involved central financial bodies and their Shanghai counterparts.

After the serious discussions, the leaders took a look into the future, visiting the 2025 China International Financial Exhibition.

This first meeting lays a very clear foundation.

The commitment is palpable, the plans are ambitious, and the key players are aligned.

This inaugural meeting signals a clear, concerted drive towards making Shanghai an even more influential International Financial Center on the world stage.