CBN丨China unveils measures to build Shanghai into international financial center
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- China will further advance the opening-up of its financial sector and capital markets, with Shanghai spearheading the efforts;
- Guangdong Week at Osaka Expo kicks off next Friday, celebrating Lingnan’s cultural vitality.
Here’s what you need to know about China in the past 24 hours
China's Shanghai will basically evolve into an international financial center that matches the country's overall strength and global influence over the next five to ten years, according to a guideline released by China's Central Finance Commission, Xinhua reported Wednesday.
Six key measures to solidify Shanghai's role as a global financial hub are developing Shanghai's financial market, boosting financial institutions' capabilities, building a globally leading financial infrastructure system, expanding two-way financial opening-up, improving the quality and efficiency of serving the real economy, and ensuring financial security amid its opening-up efforts.
To implement the guideline, the National Financial Regulatory Administration and the Shanghai municipal government have issued an action plan, which introduced a series of measures aimed at enhancing the competitiveness and influence of Shanghai as an international financial center. These measures encompass areas such as improving financial services, expanding institutional opening up, and strengthening financial regulations.
At the Lujiazui Forum held in Shanghai on Wednesday, Pan Gongsheng, governor of the People's Bank of China (PBOC), the country's central bank, announced eight new financial measures, in a bid to further promote the construction of Shanghai as an international financial center.
Among these eight measures, four were aimed at strengthening financial infrastructure to facilitate the opening-up and yuan internationalization, including setting up an international operation center for the digital yuan.
Three measures were announced to enrich financial products and services in the China (Shanghai) Pilot Free Trade Zone. The last one was dedicated to enhancing Shanghai's role as a financial center. Shanghai will pilot measures including cross-border financing, carbon reduction and sci-tech bonds, Pan said.
China’s securities regulator also announced plans to relax listing requirements on Shanghai's Star market to allow easier entry for emerging technology companies with high potential but no profits yet.
The CSRC said that participants in the "qualified foreign institutional investors" (QFII) program will be allowed to invest in exchange-traded fund options on domestic markets, starting October 9.
At the Lujiazui Forum, which is held from Wednesday to Thursday, under the theme "Financial Opening-Up and Cooperation for High-Quality Development in a Changing Global Economy," China's financial regulators also announced a raft of financial policies aimed at broadening China's opening-up in the financial sector.
GBA express
- Guangdong will hold a three-day event at the China Pavilion in Japan’s Osaka Expo from June 27-29 under the theme "Green Guangdong, Smart Innovation for the Future,” China’s trade promotion commission told a press briefing today. Xie Huirong, Vice President of CCPIT Guangdong Committee, said the event will showcase Guangdong's intangible cultural heritages like Yingge Dance, Cantonese opera, and lion dance through innovative performances, presenting the vibrant blend of traditional and modern Lingnan culture to the world.
- Zhuhai’s Hengqin promoted its latest cross-border tourism offerings at the 39th International Travel Expo (ITE) Hong Kong, highlighting new joint tour routes with Macao aimed at international travelers. The special zone unveiled a 72-square-meter pavilion featuring local tourism brands such as Chimelong Group and Starry Town. The Hengqin delegation also engaged with Hong Kong tourism stakeholders to explore opportunities for cross-border travel cooperation within the Greater Bay Area. The four-day ITE attracted over 500 exhibitors from around 50 countries and regions and featured over 110 events.
- Five Hong Kong universities secured positions in the top 100 of the 2026 QS World University Rankings released on Thursday, with the University of Hong Kong (HKU) rising to 11th globally — the highest place obtained by a Chinese university in the ranking’s history. In the Chinese mainland, Peking University ranked 14th, Tsinghua University climbed to 17th, and Fudan University jumped nine spots to 30th.
Industry and company news
- BYD has sold more than 1.5 million Yuan models under the Dynasty lineup globally, the Chinese automaker said on Weibo. The subcompact SUV family includes the Yuan Up, Yuan Plus, and Yuan Pro, priced at CNY100,000 to CNY150,000.
- JD.Com plans to launch hotel and travel services, providing supply chain services to the hospitality industry, the Chinese e-commerce giant said in an open letter to hoteliers yesterday. JD is offering hotel operators up to three years of zero commission if they join its "JD Hotel PLUS Membership Program.” JD aims to reduce operational costs for hotels and restaurants by two-thirds through supply chain services, said founder Liu Qiangdong.
- Foshan Haitian Flavoring & Food Company rose on its Hong Kong “A+H” listing debut today. The company opened 3 percent higher before dropping to below the offering price of HKD36.3 midday, and ended up 0.55 percent. The company successfully raised a net amount of HKD10.1 billion by issuing a total of 279 million H shares.
- Alibaba-backed MiniMax is considering an IPO in Hong Kong, people familiar with the situation said, in what would be a landmark industry debut for a Chinese mainland AI startup valued at about USD3 billion. MiniMax, one of the country’s so-called AI Dragons or Tigers, could aim to list as soon as this year, according to the people.
- Hong Kong-based US insurance company AIA and Dutch life insurance giant Aegon have got regulatory approval to become the first wholly foreign-owned insurers to set up asset management subsidiaries in Shanghai, Li Yunze, head of the NFRA, said at the Lujiazui Forum yesterday.
- The Exim Bank of China released on Thursday a CNY10 billion bond to stabilize foreign trade. With one-year maturity, the bond will be used to support Shanghai-based foreign trade companies. The product has already received much subscription from investors.
- Pop Mart's popular Labubu 3.0 series debuted its first-ever online pre-sale on Wednesday, leading to a sharp drop in resale prices of the dolls. Last night, the Labubu vinyl plush doll 3.0 series restocked across multiple channels, and Pop Mart's official mini-program also introduced a pre-sale option for the first time. On some secondary platforms, a full set of six Labubu 3.0 blind boxes that previously listed at over CNY1,500, has dropped significantly to between CNY650 and CNY800, media reports.
Asia-Pacific highlights
- JD Logistics launched an express delivery service called JoyExpress in Saudi Arabia yesterday. JoyExpress covers most regions of the kingdom and offers doorstep delivery options, including cash-on-delivery and same or next-day delivery.
- Alibaba Cloud announced today it will open its second data center in South Korea by the end of June, three years after launching its first. The move aims to meet rising demand for AI infrastructure amid the growing adoption of generative AI services.
- China Eastern Airlines signed a MoU with Auckland Airport yesterday to launch a new route connecting Shanghai, Auckland, and Buenos Aires in December. This will be the airline’s first entry into South America, creating the only direct air link between China and Argentina.
- Shanghai signed a sister-city agreement with Almaty, Kazakhstan, during the second China-Central Asia Summit in Astana that ended yesterday. With this addition, the number of sister-city partnerships between China and the five Central Asian countries surpassed 100.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
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Produced by 21st Century Business Herald Dept. of Overseas News.
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