(Yicai) Sept. 5 -- Shanghai will soon release an action plan on how the Chinese megacity will transform into a fintech center that will leverage the municipality’s strengths in resource gathering, application scenarios and business environment, the vice mayor said today.

Shanghai will promote the construction of infrastructure such as computing power, corpus and blockchain in the financial field, and further promote the open-up and sharing of data element resources, Xie Dong said at the opening ceremony of the 2024 Inclusion · Bund Conference, which runs from Sept. 5 to Sept. 7.

The metropoli will also establish a special working mechanism, set up fintech research institutes, support original fintech research, create an incubation acceleration system, and strengthen technical support for fintech development, Xie said.

Meanwhile, the city will enhance the implementation of applications, strengthen services for the real economy, draw up more good regulations and launch the Shanghai Fintech Innovation Plan to provide policy and scenario support for cutting-edge innovation and demonstration application projects.

Shanghai will strengthen financial support for fintech enterprises, improve the industrial support service system, promote the development of industry organizations, and create a highground for fintech talent as well as a platform for international cooperation and exchange.

Editor: Kim Taylor