Shanghai’s Pudong seeks to expand potential
Sector to promote joint venture securities, foreign banks, life insurance, reinsurance, insurance brokers, mutual funds and rating agencies
Pudong New Area, a state-level sector in Shanghai, is seeking to open up even further with the aim of hosting transnational financial services and transactions, The Paper reported.
Pudong New Area will promote a number of internationally renowned joint venture securities, foreign banks, life insurance, reinsurance, insurance brokers, mutual funds and rating agencies to take the lead, said Zhang Hui, deputy director of the Financial Service Bureau.
At present, Pudong has gathered 13 state-level factor markets and functional financial infrastructures. The total figure of financial institutions exceeds 10,000.
The total number of financial talent in Pudong has reached 300,000, and the added value of the financial industry has recorded 270 billion yuan (US$42.4 billion), accounting for half of the scale of Shanghai.
In a bid to attract more talent, the area hopes to actively introduce foreign-funded health insurance agencies, vigorously develop international medical insurance settlement services, and establish a living environment that is in line with international standards.