More measures to be introduced for bolstering Shanghai's global financial hub status: senior official

More measures will be rolled out to consolidate Shanghai's status as a global financial hub, according to Li Yunze, director of the National Financial Regulatory Administration, on Wednesday.

The measures, spelled out in an action plan to be unveiled at the two-day 2025 Lujiazui Forum which opened in Shanghai on Wednesday, has been jointly formulated by the National Financial Regulatory Administration and the municipal government of Shanghai.

"The measures include encouragement of the launch of pilot programs in fintech and cross-border finance in Shanghai, support of qualified national banks in setting up financial asset investment companies in Shanghai, and support of efforts to make exploration for developing a Shanghai model for the registration of non-monetary trust properties such as real estate and unlisted equity, to enhance Shanghai's international reinsurance and shipping insurance underwriting capacity, and to promote the city's global service capacity," Li said in addressing the opening ceremony of the 2025 Lujiazui Forum.

These measures are part of broader financial reforms aimed at enhancing Shanghai's global competitiveness and reinforcing its role in the international financial landscape, according to Li.

The Lujiazui Forum was created in 2008 as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further the financial reform and market opening in China. Named after Lujiazui -- the financial district of China’s financial capital of Shanghai, the forum also symbolizes Shanghai’s vision of becoming a leading international financial center.

With the theme of "Financial opening up and cooperation for high-quality development in a changing global economy," the two-day 2025 Forum officially opened in Shanghai on Wednesday morning, gathering policymakers, regulators, and financial leaders from over ten countries and regions.

More measures to be introduced for bolstering Shanghai's global financial hub status: senior official

Song Ping, a late senior official of the Communist Party of China (CPC) and the state, was cremated in Beijing on Tuesday.

Xi Jinping, Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, Li Xi, Han Zheng and other leaders paid their final respects to Song at the Babaoshan Revolutionary Cemetery. Hu Jintao sent a wreath to express his condolences over Song's passing.

Song died of illness in Beijing on March 4 at the age of 109.

Song, who was a member of the Standing Committee of the Political Bureau of the 13th CPC Central Committee and a former state councilor, was extolled as an excellent member of the CPC, a time-tested and loyal communist soldier, an outstanding proletarian revolutionary and statesman, and an exceptional leader of the Party and the state.

Xi Jinping, Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, Li Xi, Han Zheng and Hu Jintao had either visited Song when he was in hospital or expressed condolences over his passing and offered sympathies to his family through various means.

Late senior Chinese official Song Ping cremated