(Yicai Global) April 29 -- Shanghai’s financial heart launched the Lujiazui Initiative to enhance resource complementarity among international financial centers and cities to help stabilize and restore the economy with the aim of promoting international cooperation in fintech and asset management.
Lujiazui Financial City proposed the action in a video roundtable meeting it convened yesterday that Financial center cities in many countries and various other institutions in the field attended via video to discuss international cooperation, industrial innovation and economic recovery amid Covid-19. Participants included Luxembourg for Finance, Paris Europlace, Casablanca Finance City and Dubai International Financial Centre.
International financial cities must play a role in making capital flow to the right investments, especially green and sustainable investments, Pierre Ducret, president of Finance for Tomorrow, a branch of Paris Europlace, said at the meeting.
First for Foreign Firms
Lujiazui is China’s most international financial city and is home to more than 90 percent of foreign private equity and asset management companies in the country, as well as over 340 institutions set up by Fortune Global 500 firms and 115 regional headquarters of multinational companies. Perfect factor market transactions, diverse partners, mature legal and professional services, and abundant financial talents are Lujiazui’s advantages in attracting overseas companies. "Many domestic and foreign asset management firms in Lujiazui are our potential business partners,” said Tan Ying, general manager of Russell Investments, adding, “The scale effect has effectively saved us communication and operating costs and raised efficiency."
First-Class Financial Facilities
Lujiazui Financial City is developing an international financial city cooperation scheme as it aspires to the highest international standards. Lujiazui cooperated with many partners last year, e.g. in fintech with Singapore, sustainable development with Paris, asset management with Luxembourg, and financial talent training with Dubai. Shanghai ranked fourth for the first time on the ranking of global financial centers Z/Yen Group released last month. Lujiazui lays the foundation for Shanghai to build itself into an international financial center.
Editor: Ben Armour