(Yicai Global) Jan. 23 -- Shanghai has released its three-year plan to become an international financial hub that attracts more foreign capital and institutions. This involves easier currency conversions.  

Shanghai must form a financial service system that is fair, rule-based, innovative, efficient, transparent and open by 2020, the municipal government said in the plan that was published yesterday.

The  eastern city will further open up and build a global yuan clearing and  settlement system. It also aims to develop more asset managers and have  more international financial institutions to locate in the area. 

Shanghai will also support cross-border investment. It will promote governments, financial institutions and  firms in countries involved in the Belt and Road Initiative to issue  yuan bonds. The city will also explore chances to build a B&R  insurance underwriting community. 

Shanghai aims to foster more financial technology companies. It will assist the China Securities Regulatory Commission and Shanghai Stock Exchange to introduce the science and technology innovation board and experiment with a registration system  for initial public offerings. President Xi Jinping said in November that  the nation will launch a new market to make it easier for high-tech and  innovative companies to get listed in Shanghai. 

Shanghai will improve the Pilot Free Trade Zone, enhance the function of the free trade account, and further cooperate with the Yangtze River Delta region in terms of finance. The city will build a financial risk management center to test out reforms in financial products, technologies, and policies.

Editor: Emmi Laine