(Yicai Global) Jan. 22 -- Shanghai aims to have met its goal of becoming an international financial center by 2020, according to a joint statement from eight government departments.
The eastern metropolis plans to have a global influence and a strong resource allocation ability, the departments, which include the central bank, said today.
Shanghai will engage in global asset management, cross-border investment and finance services, fintech, insurance, yuan payments and liquidation and financial risk management once the transformation is complete, according to the document.
The city will also aim to widen its reforms and gather resources to enhance market functions and better control financial risks, said Vice Mayor Wu Qing.
Editor: James Boynton