The Chinese leadership’s renewed emphasis on accelerating Shanghai’s emergence as a global financial centre reaffirms Beijing’s commitment to the long-standing vision as rising tensions with the United States pose potential financial risks, analysts said.
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During a symposium in Shanghai, Vice-Premier He Lifeng called on Tuesday for efforts to speed up the city’s development as a global financial centre. He was accompanying President Xi Jinping on the Chinese leader’s first inspection tour since sweeping US tariffs escalated a trade war.
“There have been precedents of vice-premiers in charge of financial affairs attending forums or meetings in Shanghai, but it’s uncommon to see a dedicated symposium of this kind held in the city,” said Lian Ping, director general of the China Chief Economists Forum.
“This shows the level of importance being attached to the matter now.”
At the symposium, the vice-premier called on the city to “calmly analyse and respond prudently to recent changes in the external environment … to strengthen Shanghai’s role as a gateway for financial opening up, on the premise of safeguarding financial security”, Xinhua reported.
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He also called for efforts to enhance the city’s status as a global hub for yuan-denominated asset allocation and risk management.