Shanghai will become an international financial center by 2020, if the Chinese government’s expectations are met. Eight departments of the PRC published the “Action Plan for the Establishment of the Shanghai International Financial Center (2018-2020)”, which contains measures for the development of the city. The city authorities will make efforts to make Shanghai the global financial center by 2020, following the action plan developed by the departments of China. Measures to develop the city will include the expansion of economic openness and increased financial influence, the deepening of reforms and innovations. Shanghai will increase the competitiveness of industries, strengthen market functions and correctly allocate resources among industries. The city’s authorities are also planning to reduce financial risks and increase security in order to create an ideal business environment in Shanghai.
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