Pudong becoming key global financial center

The Shanghai Municipal Financial Regulatory Bureau said a total of eight licensed foreign financial institutions established a presence in the Lujiazui financial hub of Shanghai's Pudong New Area in the first quarter. Another three leading global asset management firms settled down there in the same period.

Following these arrivals, the world's top 10 asset management companies have all launched operations in Shanghai. Among the 25 wholly-owned foreign private equity firms registered with the Asset Management Association of China, 24 have set up offices in Shanghai. Foreign banks account for more than 10 percent of the banking industry's total asset volume in Shanghai.