(Yicai Global) March 19 -- Despite the novel coronavirus outbreak, Shanghai's push to become an international financial hub has not stalled. A branch of the world's leading reinsurer Korean Reinsurance recently opened in Lujiazui Financial City, raising the number of key projects there to 22 in this quarter, the Shanghai Observer reported yesterday.

Korean Reinsurance's Shanghai unit was registered in Lujiazui in the city's Pudong New Area on Jan. 13 and opened for business on March 17.

China's insurance and reinsurance sectors have great development potential, said Yin Xingmo, general manager of the branch. Lujiazui Financial City provides legal protection and a good business and market environment that lures foreign companies to move there, Yin added.

Korean Reinsurance and seven other financial institutions, seven commercial and trading, technology, and shipping companies, four regional headquarters and three international asset management institutions have settled in Lujiazui Financial City in the first three months of the year. They include Singaporean maritime services firm Bernhard Schulte Shipmanagement, UK department store Harrods and German private bank Hauck & Aufhauser, according to data from the Lujiazui Financial and Trade Zone Management Committee.

In addition, the management committee also pushed Russell Investments of the US and Hong Kong's Income Partners to complete the registration of private equity managers. Of the 25 wholly foreign-owned private equity fund managers registered in mainland China, 22 are located in Lujiazui now.

On Feb. 14, China's financial regulator and the Shanghai government jointly issued a policy on speeding up the development of Shanghai into an international financial hub, proposing 30 specific measures such as supporting foreign financial institutions to set up securities, fund and insurance asset management companies in the city.

Editor: Peter Thomas