Shanghai steps up efforts to enhance its influence in global market

Shanghai, a bridgehead of China's reform and opening-up, is set to ride the wave of opportunities brought by the country's latest moves committed to widening access to its financial industry.

At the Boao Forum for Asia held in South China's Hainan island province on April 10, it was announced that China will grant foreign companies greater access to the country's financial service sector and further reduce restrictions on foreign ownership in the industry.

Chinese central bank governor Yi Gang also announced a string of detailed opening-up measures covering the country's banking, insurance, securities and wealth management sectors.

Specific measures have been taken. For example, foreign investors are allowed to hold up to 51 percent share ownership in securities companies, fund management companies, futures companies, and life insurance companies. From May 1st, the trade limit between the stock market of the mainland and Hongkong will be eased. Besides, Shanghai is endeavoring to realize a Shanghai-London stock market connection within 2018.

Dai Zhifeng, analyst of Zhongtai Securities, said during an interview with the Pengpai News that the removal of restrictions on foreign shareholding ratios in banks and financial assets management companies will minimize the friction between Chinese and foreign shareholders and create opportunities for cooperation.

Gao Li, spokesman for the China Securities Regulatory Commission, said in an interview with Xinhua News that the Shanghai-London exchange connection will deepen financial cooperation between China and London and enlarge China's financial market.

Shanghai has been forging ahead with reform and opening up of the financial market and deepening cooperative relations with more countries.