Shanghai amends law to further promote international financial center development

The legislature of Shanghai has passed revised regulations to promote the further development of this area as an international financial center, with these revised regulations to take effect on October 1.

The regulations aim to deepen financial reform, serve the real economy, and prevent and defuse financial risks, so as to provide a solid legal guarantee for Shanghai to effectively play its role in serving the country financially.

The regulations are aimed at improving the financial system, promoting high-quality development of the capital market, expanding high-level financial opening up, and increasing financial support for the modern industrial system.

Detailed requirements include developing Chinese yuan asset pricing benchmarks, building a national platform for the circulation of bulk commodities, creating a global asset management center, and prudently advancing digital renminbi research, development, and application.