SHANGHAI Mayor Yang Xiong met a delegation led by former US Treasury Secretary Henry Paulson last Friday.

Yang spoke highly of Paulson and the Paulson Institute for their efforts to promote China-US cooperation. He said the financial sector is a key industry in Shanghai and the city is striving to become an international financial center.

The mayor briefed the guests on the development of Shanghai Free Trade Zone and the reforms and innovations carried out in the zone to facilitate investment and trade and to further open the financial market to foreign companies. He said the FTZ has become a springboard for foreign investors to enter the China market and for Chinese companies to invest abroad.