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Efforts should be made to boost the development of Shanghai's modern service and advanced manufacturing industries, and accelerate the construction of an international financial center and an international shipping center in Shanghai. This proposal was examined and approved in principle by the executive meeting of the State Council on March 25. All staff of the Shanghai Stock Exchange (SSE) was inspired by the news after its announcement. In no time, officials of the SSE Party Committee and the General Manager's Office organized and carried out a special study.
According to an SSE official, the requirement of building Shanghai into an international financial center as a national strategy is now clear as it was finally put into a national paper. From the histories of the world's leading international financial centers, we can find that capital market plays a very important role in the beginning, development and formation of an international financial center. A successful international financial center is, first of all, an international capital market, which boasts a world-class stock exchange, pools the world's top financial institutions and intermediary service institutions of different types and functions, and offering constantly innovative financial products to attract institutional investors on a global scale.
The official also pointed out that the all-round development of the SSE in the recent years has improved the structure of Shanghai's financial system and impelled the development of various financial institutions. It is obvious that the SSE has been playing an increasingly prominent role in leading the construction of Shanghai's international financial center. In the next stage, the SSE will seize every opportunity in building of the financial center to make development and innovation to its products, systems, technologies and infrastructures. In light of the deployment of the China Securities Regulatory Commission and the priorities of its annual work, the SSE will (1) pay close attention to safe operation for a smooth launch of the new generation trading system; (2) further develop its blue-chip market and promote the merger, acquisition and reorganization of the listed companies; (3) promote bond market development and introduce products that meet the needs of market participants; (4) vigorously propel the development of the block trading market; (5) further promote product innovation, including the development of SHSE-SZSE 300ETF; and (6) deepen market supervision to stick up for "equality, fairness and openness" of the market. The SSE will endeavor to make breakthroughs in terms of product innovation, talent recruitment and market internationalization to optimize itself on the current basis. It will contribute to the building of Shanghai into an international financial center by playing its significant role.
