(Yicai Global) June 14 -- The Shanghai Local Finance Supervisory Authority penned a memorandum of understanding with Paris Europlace today on further cooperation in fintech, asset management and insurance to make Shanghai a global financial hub and enhance exchanges with international financial markets.

The two signed the first agreement in 2010 and have since held five Shanghai-Paris Financial Cooperation Forums in both cities to swap information and discuss collaboration, said Zheng Yang, head of the Shanghai Finance Bureau, adding that this has effectively pushed forward relations between the two cities.

Today's agreement stresses that both parties will boost cooperation on inclusive finance, fintech, asset management and insurance based on further exchanges, institutional cooperation and enhanced talent training to better serve the economy and financial development of each city. The partnership will also promote Shanghai's emergence as a world finance hub.

The campaign to develop Shanghai into such a center has been boosted thanks to intensified efforts in building the Shanghai Pilot Free Trade Zone and the internationalization of the Chinese currency.

Against the backdrop of China's new initiatives for further opening-up, both cities can embrace important new opportunities for financial exchange and cooperation. The Shanghai Finance Bureau and Paris Europlace signed the latest memorandum after full consultation based on fresh development trends in both cities, Zheng said.

Editor: Xu Wei