10 key financial innovation pilots of Lujiazui Financial and Trade Zone
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Updated: 2012-09-14
Lujiazui should utilize its advantages on reforms and pilot projects in Pudong to boost financial institutions.
Innovation pilots should explore financial markets to upgrade the multi-level market system.
It should integrate the financial industry.
Promote innovations of financial products, services and institutions to provide opportunities.
Develop inter-bank market nationwide.
Support inter-bank Funding Center to build loan transfer trading platform as soon as possible; develop the billing market, explore its effective organizational form, promote a bill trading center; study expansion of the variety and size of assets-backed securities.
Establish Shanghai insurance factor market.
Promote the re-insurance market, encourage development of foreign reinsurance companies, and introduce re-insurance institutions and encourage them to set up branches locally, foster re-insurance brokers; develop offshore re-insurance markets; improve insurance funds investment infrastructure, and develop real estate and unlisted corporate equity.
Introduce qualified foreign institutional investors.
Carry out qualified foreign limited partner system pilot of foreign-invested equity investment enterprises; introduce qualified foreign institutional investors for Shanghai futures market; introduce foreign institutional investors in the China Foreign Exchange Trading Center and inter-bank bonds market to meet expansion requirements of the RMB cross-border trade settlement pilot.
Support enterprises abroad to list on the Shanghai Stock Exchange.
Accelerate internationalization of the Shanghai Stock Exchange, attract world-renowned companies to list in Shanghai, enhance international influence of capital markets; encourage Area Red Chip companies of Pudong New Area that was listed in overseas capital markets to list on the Shanghai Stock Exchange.
Establish OTC market for Yangtze River Delta.
Provide financing services for science and technology intensive small and medium-sized enterprises in the Yangtze River Delta region and improve multi-level capital market system.
Make breakthroughs with the national trust registration platform. Promote authorities of the Central People's Government to accelerate legislation on state-level trust registration, strengthen business connections with the China Central Depository & Clearing Co., Ltd, deepen exploration of the Shanghai Trust Registration Center, and promote a national platform of trust registrations.
Make breakthroughs on real estate investment trusts (REITS) pilot. Ensure success of the first debt REITS pilot; support development companies in New Area in equity REITS pilot; Carry out REITS pilot and provide financial support for affordable housing.
Explore offshore trade with financial support. Set up offshore exclusive accounts for companies in Yangshan Port Free Trade Zone; upgrade centralized management of multinationals’ foreign exchange receipts and payments; expand pilot of offshore banking, and promote trade financing innovations; encourage development of offshore insurance.
Promote a shipping center with financial support. Encourage leasing companies to launch subsidiary pilot projects in the Free Trade Zone; establish a shipbuilding investment fund; encourage insurance companies in Shanghai to develop products independently, and conduct research on premium rate subsidies; encourage shipping companies, import and export enterprises in Shanghai to cover insurance, promote shipping insurance.
Promote a low-carbon economy with financial support.
To standardize contract-oriented carbon emissions trading market in Pudong; encourage financial institutions’ innovations on low-carbon credit business, low-carbon investment products; set up low-carbon industry fund for the sector in Pudong.