Shanghai government is working on the construction of global asset management center. The main goal for this construction is keeping the opening up, strengthening the empowerment of technology, building a sound, innovative and dynamic asset management ecosystem, and further enhancing the radiation and influence of Shanghai as an international financial center. By 2025, Shanghai will basically build a comprehensive and open asset management center with high concentration of elements, top international level and complete ecological system, the important hub of asset management within Asia, and also the forefront city for the global asset management center.
First task is to improve the diversity of institutional system and enrich those entities in asset management industry. Gather and cultivate the asset management institutions, raise the service capacity of those professional institutions, and strengthen the compliance business operation of asset management institutions.
Second task is to innovate products and services of asset management to meet the various needs of investors. Put more attention on the innovation and expand the mode and field of asset management services, increase the investments in green and recycling fields, and deepen the digital application of the asset management industry.
Third task is to promote the financial market as a basic foundation and enhance the allocating capacity for global resources. Improve the functions of asset allocation and risk management, clear the investment channels for asset management, and strengthen the international cooperation in the financial market.
Fourth task is to expand the opening-up for industries and enhance the internationalization level of asset management. Pilots of opening-up and innovation would take the lead to deepen the trials of QFLP and QDLP, and promote the opening-up of key fields to a higher level.
Fifth task is to strengthen the introduction and cultivation of high-end talents and cultivate the bases for asset management talents. Put more attention on the introduction for first-class asset management talents, and actively cultivate all kinds of asset management talents in different fields.
Sixth task is to improve the comprehensive service capacity and the development environment for asset management. Due construction of legal credit in the asset management industry would be carried out. Also, there would be policies to support the asset management industry, build a cluster area, and strengthen the brand-building of the asset management industry.
The Construction Plan would be effective from the date of June 1st, 2021.
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Mr. Mike Chang (Partner)