(Yicai Global) Nov. 29 -- Shanghai will accelerate the creation of important functional platforms and create a new highland for the opening-up of the city’s asset management industry, its vice mayor said.

Shanghai will also take the lead in exploring the cross-border asset management data flow and cross-border fund management, Wu Qing said at the 2022 Shanghai Global Asset Management Summit Forum, co-hosted by Yicai Media Group and Bank of China.

High-quality development of the asset management industry is an essential part of Shanghai becoming a more influential and higher-level international financial center, Wu noted.

Shanghai has nearly 200 licensed asset management firms, including three wholly foreign-owned public funds and four joint venture wealth managers. Of the 38 wholly foreign-owned private securities managers in China, 32 are based in Shanghai.

To attract domestic and overseas asset management institutions and professional subsidiaries to settle in Shanghai, the city will provide fast, efficient, and accurate services in entry-exit, medical care, and children’s education, Wu pointed out.

Editor: Futura Costaglione