Shanghai International Financial Center Construction: Top Ten Events in 2024 Focus on Financial Support and Technological Innovation

Shanghai International Financial Center Construction: Top Ten Events in 2024 Focus on Financial Support and Technological InnovationOn February 14, 2024, at the launch conference for the "Top Ten Events in Shanghai International Financial Center Construction in 2024," Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Commission of Finance, elaborated on the key directions for the construction of the Shanghai International Financial Center (IFC). The conference focused on financial support for the real economy and the innovative application of fintech, aiming to further enhance the core competitiveness of the Shanghai IFC

Shanghai International Financial Center Construction: Top Ten Events in 2024 Focus on Financial Support and Technological Innovation

On February 14, 2024, at the launch conference for the "Top Ten Events in Shanghai International Financial Center Construction in 2024," Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Commission of Finance, elaborated on the key directions for the construction of the Shanghai International Financial Center (IFC). The conference focused on financial support for the real economy and the innovative application of fintech, aiming to further enhance the core competitiveness of the Shanghai IFC.

Director Zhou explicitly stated that financial institutions will be guided to increase credit support for key sectors, key industries, and small and micro enterprises (SMEs). This reflects the Shanghai municipal government's determination to support the real economy, driving the sustainable and healthy development of these sectors and enterprises through adequate financial support. This will not only contribute to stable economic growth but also create more job opportunities, promoting the overall prosperity of Shanghai's economy. To achieve this goal, Shanghai will actively cultivate and attract long-term and patient capital to provide enterprises with more stable and long-term financial support, avoiding disruptions to business strategies due to short-term funding pressures.

To better reach every enterprise in need of support, Shanghai will further improve the "16+N" financing service center system. The focus of this systems development is to extend services to industrial parks and communities, achieving full coverage of financial services. This "downward" strategy aims to address the financing difficulties faced by SMEs, enabling more enterprises to conveniently access financial services. Simultaneously, the enrichment of "financial policy packages" and "financial service packages" will provide enterprises with more precise and attentive financial services, improving service efficiency and quality. This will effectively lower the financing threshold for SMEs, providing stronger support for their development.

In green finance, Shanghai will enhance the functions of the Shanghai Green Finance Service Platform to provide stronger financial support for the development of the green industry. This platform upgrade will further improve the green finance service system, attract more investment in green industries, and promote the rapid development of Shanghai's green economy. Furthermore, to improve the transparency and creditworthiness of SMEs, Shanghai will launch a pilot program for SME information disclosure, which will help improve the financing environment for SMEs and enhance investor confidence. The deepening application of the "Shanghai Transformation Finance Catalogue (Trial Implementation)" will provide clearer guidance and more effective financial support for enterprise transformation and upgrading.

Addressing the increasingly severe challenge of an aging society, Shanghai encourages insurance institutions to develop diversified commercial health insurance products to meet the needs of aging populations with different characteristics and at different life stages. This measure will effectively alleviate the pressure on medical security and improve the quality of life for the elderly. By designing products that better meet actual needs, insurance institutions can better serve the elderly population, meet their diverse insurance needs, and promote the healthy development of the insurance market.

In terms of fintech innovation, Shanghai will actively promote the application of cutting-edge technologies such as AI large models and blockchain, which will effectively improve the efficiency and security of financial services. The application of AI large models can enhance the intelligence level of financial services, while the application of blockchain technology can improve the security and transparency of financial transactions. These technological innovations will drive the transformation and upgrading of Shanghai's financial industry and enhance its international competitiveness. Simultaneously, Shanghai will continue to advance the digital RMB pilot program and actively promote innovative applications such as a "multilateral central bank digital currency bridge" and bilateral business channels. This will further enhance Shanghai's international influence in the digital currency field and provide new impetus for international financial cooperation.

The implementation of these measures will strongly promote the construction of the Shanghai IFC, enhancing Shanghai's position and influence in the global financial market. Through measures such as improving the financial service system, strengthening the application of technological innovation, and actively responding to the challenges of an aging population, Shanghai is building a more open, innovative, and inclusive international financial center. These efforts will inject new vitality into Shanghai's economic development and contribute Chinese wisdom and solutions to the global financial market. The construction of the Shanghai IFC is not merely the development of the financial industry itself; it is a strategic measure with far-reaching significance for the overall economic and social development of Shanghai. It will provide strong impetus for Shanghai's prosperous development and make important contributions to the sustained and healthy development of the Chinese economy. Through these specific measures and strategic planning, Shanghai is steadily moving towards its goal of building a globally influential international financial center. This is not only a goal for Shanghai's urban development but also an important manifestation of China's strength and responsibility in the global financial field. The future development of the Shanghai IFC deserves global attention.