Shanghai aims to become leading global finance hub

Shanghai will develop into a world-leading financial hub in line with China's economic power and the renminbi's international standing by 2020, according to an action plan released by central regulators.

Approved by the State Council, eight central regulatory bodies led by the People's Bank of China, the central bank, issued the plan which aims for the municipality to establish itself as a global financial market leader and a go-to market for renminbi-based trading by 2020. A legal, innovative, highly efficient, transparent and open financial system is expected to be in place by that time.

Xu Zhong, director-general of the PBOC's research bureau, said the release of the action plan indicates that Shanghai has entered into the final stage before becoming a global financial hub.