As the nation’s two financial centers, Shanghai and Hong Kong both shoulder the responsibility of leading China’s financial opening-up and innovation.
Through coordinated institutional opening-up, the two cities should serve the country’s strategic safety while providing a “China plan” for the global market. By giving full play to both cities’ strengths, China’s financial internationalization will be advanced, as they serve as the onshore and offshore drivers.
Shanghai has largely succeeded in growing into a financial center reflecting China’s economic strength and the renminbi’s international status, covering major financial markets including stocks, bonds, foreign exchange, futures, insurance, gold, notes and carbon.
In 2024, the total transaction value of all the financial trading venues in Shanghai exceeded 3,650 trillion yuan ($509 trillion), up 8.2 percent year-on-year.
Shanghai Stock Exchange was the…
