(Yicai Global) March 4 -- Lujiazui Financial City in Shanghai is collaborating with the Society of Trust and Estate Practitioners, an international professional body of advisers who specialize in family trusts and inheritance succession planning, to promote the development of wealth trusts in China, China News Network reported.

STEP will introduce partner institutions into the Chinese market and the Lujiazui financial hub will provide policy support and assistance to those that conduct business in the country, according to the agreement signed between the two parties yesterday.

During the signing ceremony, Liu Jun, who is President of Bank of Communications and Lujiazui Financial City Council said China's finance will play the function of coordinating the allocation of market factors, continue to optimize the social wealth structure, and help China's economy further integrate into the world.

Lujiazui district, often referred to as China’s Wall Steet, is the biggest financial zone on the mainland. It currently hosts 112 foreign asset management companies, accounting for over 90 percent of those on the mainland, Song Yougang, deputy director of the Administration of the Lujiazui Financial City of China (Shanghai) Pilot Free Trade Zone, said at the signing ceremony.

London-based STEP is a fiduciary advisory service with 110 affiliates in 104 countries and regions and over 22,000 members made up of lawyers, accountants, tax planners and wealth management professionals.

Editors: Kim Taylor