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6 S h a n g h a i REPORT CHINAWATCH C h i n a D a i LY At the forefront of financial reform

Lujiazui’s central business is the core area of New District. photos provided to china daily

Lujiazui aims to become a global centre for About Lujiazui highlights asset management, reports Wu Yiyao. April 18, 1990: The Lujiazui is in Pudong New State Council welcomed District on the eastern overseas investment ust hours after China’s wealth management centre, expanding bank of ’s and announced the central bank announced its calibre to serve domestic and global Huangpu River. It lies development of Pudong the launch of the China investors,” said the committee’s work directly across the river district in Shanghai. International Payment report. from , an old June 1990: The State business district, and System on Oct 8, Standard The government has said it plans to Council named the south of the confluence Lujiazui Financial and Chartered Bank (China) deliver more services and act efficiently of Suzhou Creek and Trade Zone. Ltd said it had used the global system to Since Britain is China’s to bring more companies and business Huangpu River. Until J the 1980s, the area was October 1990: complete one of Shanghai’s first renminbi into the financial hub to support financial largest outbound relatively undeveloped, The Shanghai city clearing transactions. innovation and reform by leveraging featuring residential government established As one of the first batch of eight investment destination more resources as the RMB opens up to houses, warehouses and Lujiazui Financial qualified lenders to do such business the global market. factories. and Trade Zone Development Co. through the worldwide payment in Europe and London is “Lujiazui Finance and Trade Zone Established in 1990 expressway, the London-headquartered one of the international will establish platforms for information by the State Council, November 1990: Standard Chartered Bank said on the exchange between regulators and Lujiazui Financial and The Shanghai Stock Trade Zone is at the Exchange, the first local authorities. Since the start of this day of the CIPS launch that it completed offshore RMB centres, forefront of China’s exchange in the more than 200 transactions for its clients, year, we’ve organised conferences and reform and opening-up People’s Republic of all of which have national or regional there is much potential workshops for enterprises to share and at the core area of China, was founded in headquarters in Lujiazui, the vanguard of their successful experience of emerging Pudong’s development. Lujiazui. for the countries to The entire zone covers China’s financial innovation and reform business, such as the free trade accounts an area of 13.2 square June 1995: The and a hub for the internationalisation of further work together.” at Bank of China, Shanghai Pudong miles, including a 2.6 Shanghai branch of the People’s Bank of China Development Bank and HSBC,” said the square miles planning RMB business. Alan Yarrow, moved from Puxi to In the past, lenders had to do business Lord Mayor of the City of London committee report. and development area with more than Pudong, recognised as through one of the offshore RMB clearing The report said the committee wished 100 buildings and the official launch of the banks in offshore RMB centres such to optimise Lujiazui’s capacity to allocate skyscrapers. Lujiazui Financial and Trade Zone. as Hong Kong, Singapore or London believe President Xi Jinping’s visit to global resources by combining Shanghai’s Finance, insurance or by other means with the help of a Britain will also benefit China’s financial efforts to become an international and securities are the September 1995: Fuji corresponding bank on the Chinese market opening-up and reform as financial centre with the reforms at three leading industries Bank’s Shanghai branch was established, the mainland. “The newly launched China enhancing the global use of the RMB, Shanghai Free Trade Zone. in Lujiazui Financial and Trade Zone. Over first foreign-funded International Payment System cuts the deepening financial co-operation and Authorities have also said they want to recent decades, its bank in the People’s transaction costs and processing time for strengthening collaboration amid deliver more services to expose overseas Republic of China. modern service industry Shanghai Stock Exchange, the first in the People’s Republic payments,” said Helen Wong, president reforms of the international monetary capital to domestic private equity and system, with finance at of China, was founded in Lujiazui in November 1990. October 2004: and chief executive of HSBC Bank (China) and financial system are among the facilitate cross-border capital allocations. the core, has been on Lujiazui Functional a steady development Co Ltd. major topics China and Britain have been In September, Aberdeen Asset Zone was established track. Lujiazui has to administer the China has been making efforts to discussing in recent years. Management Plc, Europe’s largest listed become an important communities in Lujiazui, accelerate internationalisation of the And since Britain is China’s largest fund manager, was granted a business economic growth centre. Emerging financial institutions Weifang, Tangqiao, RMB and boost its use in international outbound investment destination license to operate in China and located It is characterised Yangjing and Huamu by concentrated in the first half of 2015 trade and financial transactions. To this in Europe and London is one of the its office in Lujiazui. According to Martin streets. financial investors, Total number Increased number end, the Belt and Road Initiative and international offshore RMB centres, there Gilbert, the company’s chief executive, the comprehensive September 2005: 3,000 financial institutions in the area, with 682 newly expanding the global use of the Chinese is much potential for the countries to office will be a wholly owned subsidiary markets and strong The State Council added in the first half of the year reaffirmed the Lujiazui currency have been mutually supportive. further work together, said Alan Yarrow, that offers investment opportunities to capital distribution functionality. 1200 1130 Financial and Trade “The increasing commodity trade, Lord Mayor of the City of London, during both Chinese and foreign investors. Zone would cover 12.2 infrastructure financing, development a visit to China in September. Moves to open up China’s financial The Lujiazui area was 1000 square miles. incorporated into the 776 of industrial parks and cross-border Authorities and enterprises in Lujiazui market have included the launch of the China (Shanghai) Pilot 800 April 2009: The commerce should play a significant role have been working hard to leverage the international board of the gold exchange former Free Trade Zone when 600 563 531 in pushing forward wider use of the prestige of having the pilot free trade zone at Shanghai Free Trade Zone by the the State Council was incorporated into approved the expansion 400 Pudong New District. currency,” according to an annual research and being pioneers of China’s financial Shanghai Gold Exchange in September 243 of the zone in April. 176 report on RMB internationalisation reform and innovation, according to the last year, lifting the ceiling on foreign 200 134 129 January 2010: Lujiazui and global trade released in October by Shanghai Lujiazui Financial and Trade currency deposits and opening up the free For more on Lujiazui, Financial and Trade 0 Zone’s management Renmin University of China’s currency Zone Management Committee. trade accounts at the free trade zone, all visit lujiazui.pudong.gov. Private Private Financial Others cn or email lftz@lujiazui. securities equity service committee was research team. “Lujiazui has a goal to become a global of which first operated for lenders, trade gov.cn funds funds institutions established. Many market experts have said they asset management centre and a global companies and other firms in Lujiazui. September 2013: The 11-square-mile China (Shanghai) Pilot DEVELOPMENT Guidelines Free Trade Zone was officially launched in Lujiazui Financial and Trade Zone will Zone will enhance its financial markets centre: During the 12th Five-Year Plan maritime arbitration, shipping the traditional commercial service Pudong. be built as a core functional zone for system, support product innovation (2011-15), Lujiazui Financial and Trade transactions, shipping consultation and industry with information technology April 2015: Shanghai Shanghai’s international financial, high- and business development, advance Zone planned to transform global shipping organisation. and enhance commerce and trade in Free Trade Zone was level services and shipping and as a opening-up and improve back-up shipping from Europe to Asia and (3) Shanghai international trade the zone. expanded to include global trade centre. service systems to build the centre by improve the stock and quality of the centre: Lujiazui Financial and Trade Lujiazui and two other 2020. shipping sector’s high-level services, (1) Shanghai international financial Zone plans to develop offshore trade, Source: Shanghai Lujiazui Financial and districts. including financing, maritime insurance, centre: Lujiazui Financial and Trade (2) Shanghai international shipping build commodity markets, upgrade Trade Zone Management Committee