Shanghai Municipal People's Congress Plans to Amend the Regulations of Shanghai on Promoting Construction of International Finance Center
ISSUING AUTHORITY:
Shanghai Municipal People's Congress
DATE OF ISSUANCE:
July 4, 2024
EFFECTIVE DATE:
July 4, 2024
On July 4, 2024, the Regulations of Shanghai on Promoting Construction of International Finance Center (Revised Draft) (the “Draft Regulations”) which consists of 8 chapters and 64 provisions were published on the website of Shanghai Municipal People's Congress, with a deadline of July 18, 2024 for comments.
The Draft Regulations contain the following main contents: (1) The construction of financial systems shall be improved and a solid foundation for high-quality financial development shall be laid. (2) The financial reform and opening up shall be deepened and the global resource allocation function shall be enhanced. (3) Priority will be given to the development of technology finance, green finance, inclusive finance, pension finance, and digital finance, and the quality and efficiency of financial services for real economy shall be improved. (4) Financial supervision and coordination shall be strengthened, and the risk prevention and mitigation capability shall be improved. (5) Financial talents shall be further cultivated, and the financial business environment shall be optimized. Comments on the following key fields are sought: further developing technology finance, green finance, inclusive finance, pension finance, and digital finance; further enhancing the role of financial services for real economy; further optimizing financial business environment.
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