SHANGHAI Party Secretary Han Zheng met Timothy G. Massad, chairman of the US Commodity Futures Trading Commission last week while Massad was in town to attend the celebration of the Global Association of Central Counterparties (CCP12) as a legal entity in China.

Han said Shanghai is developing the pilot free trade zone and carrying out financial reform and innovation according to the national strategy. Shanghai wants to learn from other countries' experiences and keep risks under control when conducting experiments.

He noted that financial institutions in Shanghai have active exchanges with their counterparts in the United States and their cooperation has been fruitful. He hoped CCP12 can become a new platform for exchanges and cooperation between local and international financial institutions.