Government News
Shanghai Plans to Turn Lingang Into Emerging Financial Center by 2025 2022-08-17
Shanghai Plans to Turn Lingang Into Emerging Financial Center by 2025
With regards to cross-border finance, Lingang must advance the construction of a global financial asset trading platform, promote the headquarters economy, and improve the qualified foreign and domestic limited partners regimes and pilot projects to open up cross-border trade and investment at a high level. It must also support banks to enhance their offshore business and bring free-trade non-resident accounts into better play
The Shanghai branch of the China Banking and Insurance Regulatory Commission approved the setting up of the HSBC’s Shanghai Lingang branch last month, Wang Yunfeng, vice chairman of HSBC Bank China, said at the press briefing to release the action plan.
Once open, the branch can rely on HSBC’s global network and experience in cross-border financial services to promote offshore trade and the headquarters economy in Lingang, he noted
United Overseas Bank China will continue one-stop financial services to Chinese and foreign firms based on its business network and experience in the Association of Southeast Asian Nations and implement innovative solutions with partners in cross-border fund management, offshore trade, overseas fund investment, and sustainable finance, UOB China President Fu Maozan told Yicai Global.
Source: Yicai
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