The National Financial Regulatory Administration has unveiled a series of measures to implement the action plan for supporting the development of Shanghai as an international financial center.

Key initiatives include supporting eligible Financial Institutions to establish a presence in Shanghai, with approvals granted for the establishment of AIA Insurance Asset Management Co., Ltd. and Hequan Insurance Asset Management Co., Ltd.

The administration will also support foreign financial institutions in deepening their development within the market. This includes backing qualified foreign banks to apply for pilot financial businesses, such as treasury futures, actively addressing the development needs of foreign institutions, and creating a favorable business environment for their operations in China.

Furthermore, efforts will be made to optimize and enhance the service functions of financial institutions based in Shanghai. This involves conducting financial leasing business innovation pilot programs in the Lingang New Area, focusing on sectors like new energy equipment, power batteries, smart manufacturing, and industrial machine tools, thereby empowering the development of high-end manufacturing and strategic emerging industries.