Sustained growth vowed for finance hub plan

As part of efforts to support Shanghai's position as the nation-leading financial hub, authorities are continuing their efforts in developing the Lujiazui Financial City.

The Lujiazui Emerging Financial Park within the Lujiazui Financial City has since its establishment in October 2014 proven to be a very attractive place for private equity funds to do business. According to authorities, 21 percent of private funds in China have offices in Shanghai and 80 percent of them are based in Lujiazui Financial City.

The financial city has attracted about half of the 15 members in the Private Fund Committee of the Asset Management Association of China. In addition, four of the top 10 domestic financial leasing companies have set up development bases in the zone.

"We have launched many investment attraction activities such as questionnaires, face-to-face talks and group meetings to better understand business demand with support from service agencies including Shanghai Leasing Industry Association and Pudong Factoring Industry Association," said a source from the Lujiazui Financial City Authority.

Lujiazui Financial City Authority has vowed to seek support from the Shanghai government and the Shanghai Financial Service Office to enhance the development environment for internet-based financial companies.

Major companies including Haier, Xiaomi and Wanda have launched internet financial platforms in the region. The financial city also supports internet financial businesses that have been developed by traditional financial service providers including Industrial Bank and Bank of Communications.

Leading online service providers including e-commerce giant Alibaba's online payment arm Alipay have also launched offices in the region.

Many financial technology developers including trading system developer QuanDo Technology and Shanghai Genesis Financial Information Service Co, a company that focuses on fund valuation, have established development bases in Lujiazui to serve businesses along the industrial chain.

Lujiazui Internet Financing Association was established in March 2016 to strengthen cross-industry communication. Fifty-three companies including payment services provider Alipay were among the first batch of members.

Policy-makers of Lujiazui Financial City said that they hope to develop a system into one that allows all parties to support and regulate development of emerging financial industry.

zhuanti@chinadaily.com.cn