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Shanghai to further open up finance sector
 
Date:2018-05-16  Source:Xinhua
 AShanghai on Sunday announced new measures to open wider its finance businesses, in a bid to develop itself into an international finance center .

In the near future, the city will further open up banking, securities, and insurance sectors, according to the municipal finance authority .

Foreign-funded banks will be encouraged to set up both branches and subsidiaries in Shanghai. The city will also support establishment of securities, fund, and futures companies with majority ownership by foreign capital .

The scope of Shanghai-based foreign-funded insurance companies will be expanded .

The financial market will open wider. For example, the city will support overseas investors to invest in its securities market and overseas innovative enterprises will be allowed to issue Chinese Depository Receipt in Shanghai .

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