Shanghai tightens financial sector supervision

Shanghai is considering to increase regulatory function to its existing municipal financial service office and is researching possibilities to set up a specialized financial court to better supervise the financial market, said a senior official on Thursday.

Zheng Yang, Party chief of the Shanghai financial work commission and head of the Shanghai municipal financial service office, made the comments at a symposium on improving business-doing environment. "Preventing financial market risks is one of the focuses of our work recently. To work as both a service provider to the financial market and a regulator, we think this move is in alignment with the country's moves to strengthen supervision and prevent risks," he said.

Shanghai is one of China's largest financial markets by market trading volume. In 2017, its trading volume was 1,438 trillion yuan ($220.9 trillion).