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Shanghai finance market: the economic ‘bloodline’
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Shanghai accelerated the pace of transforming itself into a global financial center after the State Council, China’s Cabinet, released a document in June to guide the development of the city’s financial sector in the next five to 10 years. The document envisions leapfrogging progress in capital market adaptability, competitiveness and inclusiveness, underpinned by government commitments to open its financial sector wider to foreign investors and companies.
Shanghai’s financial industry is often dubbed the “bloodline” of economic development. It rose to the sobriquet this year, surpassing London to rank second globally behind only New York in terms of strength in combining finance and technology, according to an index compiled by the Shanghai Fintech Industry Alliance.
Regulators have strengthened Shanghai’s STAR market as a fundraising host to promising technology companies, even if they have yet to show a profit. The dazzling 400 percent share surge in chipmaker Moore Threads’ 8 billion yuan initial public offering on December 4 was surpassed only two weeks later when integrated-circuited maker MetaX shares surged nearly 700 percent in the debut of its 4.2 billion yuan (US$598 million) IPO.
The benchmark Shanghai Composite Index climbed over the psychologically important level of 4,000 points twice this year, a record in one decade, and industry analysts like Standard Chartered and Goldman Saches are predicting more of the same in 2026.
Shanghai’s financial market has undergone profound changes in terms of function, structure and investment orientation, accompanied by increased funds flow into technology, said Tu Guangshao, chairman of the executive council at the Shanghai Finance Institute.
“Such changes will accelerate in the next five years,” he added.
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