(Yicai) Oct. 10 -- Shanghai will continue launching measures to attract various asset management institutions and funds and further improve the ecology of the asset management industry to speed up its development into a global asset management hub, according to the deputy director of the financial commission office under the CPC Shanghai Municipal Committee.

Shanghai will continue to expand its opening-up, support cross-border exchanges and cooperation among asset management institutions in the city, and provide diversified trading services and risk hedging tools for the asset management sector, Ge Ping said at the 2024 Shanghai Global Asset Management Forum today.

Shanghai will also keep creating a market-oriented, law-based, and international business environment and offer asset management institutions and talents more convenient and accurate services to strengthen their confidence in the city's development, Ge noted.

In 2021, the Shanghai government proposed to build the city into a comprehensive and open asset management center within four years, making the metropolis an important asset management hub in Asia and a leading global center.

The total number of licensed financial institutions in Shanghai reached 1,771 as of the end of last year, with nearly one-third being foreign-funded, according to a report released by the Asset Management Association of Shanghai at the forum. Seven of China's nine wholly foreign-owned public funds are based in the city, as well as all five foreign-controlled wealth managers.

The number of public fund companies in Shanghai accounts for half the total funds in China, while products make up about 40 percent of the country's total, according to official figures. The city also hosts one-third of China's bank wealth management subsidiaries, insurance asset managers, and securities AMCs, ranking it first in each category.

Editors: Dou Shicong, Martin Kadiev