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August 20, 2022

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Lingang to accelerate emerging financial industry development

The Lingang Special Area has mapped out an action plan for accelerating the development of the emerging financial industry to promote financial innovation and enhance its ability to serve the real economy.

Made up of 50 specific policies, the plan eyes innovations in eight major areas — technology, fintech, new business models, shipping finance, cross-border finance, offshore finance, green finance and supply chain finance.

Lingang is expected to become an emerging financial center by 2025, characterized by smart finance, an open environment, integrated development of companies and industries, and better governance, said Yuan Guohua, deputy Party secretary of the Lingang Special Area Administrative Committee.

Traditional finance and emerging financial formats will be developed together, and the added value of the financial industry will increase by more than 25 percent annually by 2025, Yuan said.

Wang Yunfeng, chief executive officer of HSBC (China), told Shanghai Daily that the bank will open a branch in Lingang after it was licensed by the Shanghai banking regulator last month.

Cross-border banking service plays a major role in HSBC, and the new branch will connect Lingang with HSBC’s global businesses, Wang said.

HSBC has been picked by the State Administration of Foreign Exchange to pilot the program for further opening-up of China’s financial sector, the CEO added.

Peter Foo, president and CEO of United Overseas Bank (China), said Lingang will help promote wider use of the Chinese yuan.

“It is a hub for the world,” said Foo. UOB (China) will open a branch in Lingang next month.

Li Ting, deputy chief of Lingang’s finance and trade division, said that the new finance action plan is aimed at attracting global high-quality financial institutions to support the special area’s development.


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