China Securities Journal's website | Xie Dong, Vice Mayor of Shanghai: Building Shanghai's Capital Market into the Center Stage for Listing and Financing of Domestic Enterprises and Supporting Technological Innovation

21 Nov 2023

Translated from China Securities Journal's website

On November 15, 2023, Xie Dong, Vice Mayor of Shanghai, stated at the Shanghai Stock Exchange Global Investors Conference 2023 that in recent years, Shanghai has accelerated the construction of international financial center, continuously strengthened its core functions and global resource allocation capacity, and achieved remarkable results. Financial services for technological innovation and the real economy have become more robust, high-standard financial opening-up has continued to improve, and the development of an international hub of green finance has accelerated.

Xie Dong said that Shanghai will further study and implement the spirit of the Central Financial Work Conference. Under the guidance and support of the General Office of the Central Financial Commission and the national financial authorities, firstly, Shanghai will assist in pushing forward the implementation of the stock issuance registration system, and build Shanghai's capital market into the center stage for the listing and financing of domestic enterprises and supporting technological innovation.

Secondly, Shanghai will build a commodity market with global price influence, so that more "Shanghai indexes" and "Shanghai prices" become the "barometer" of the commodity market.

Thirdly, Shanghai will promote the construction of the Shanghai Science and Technology Innovation Financial Reform Pilot Zone, further promoting the role of the STAR Market as the test field for reform.

Fourthly, Shanghai will further accelerate the gathering of important financial institutions to help build an "upgraded version" of the international financial center.

"Shanghai will continue to improve the ability and level of serving high-quality development through finance, perform well in the five areas of 'science and technology, green, inclusiveness, pension, and digital finance', and promote high-quality financial resources to better nourish the real economy. Shanghai will support the investment of more domestic and foreign long-term capital in Shanghai sci-tech innovation enterprises, continue to strengthen its global resource allocation capacity, and further enhance the competitiveness and influence of Shanghai as an international financial center." Xie Dong further stated.