Opening-up bears fruit in Shanghai

Shanghai has made substantial progress in responding to the central government's call for further opening-up, yielding fruitful results in the financial sector and the continued interest of foreign investors.

Thirty-two of the 100 detailed opening-up policies the municipal government announced on July 10 focus on the financial sector, in keeping with similar policies announced in April by Yi Gang, governor of the People's Bank of China. The banking, securities and insurance sectors are all included.

The local authorities have quickened the pace of starting opening-up projects in Shanghai. To date, they have submitted 23 financial projects to the State Council and central financial regulators. Nine were approved and have already begun.