Shanghai to benefit from new bank's HQ

Institution to provide business opportunities to Chinese investors

The newly established BRICS development bank, to be headquartered in Shanghai, will help the city realize the aspiration of becoming a global financial center, experts said.

"It's the first time a major international institution will be headquartered in Shanghai. It signals that the city's financial services are of a global standard," said Chen Bo, an economist at Shanghai University of Finance and Economics.