Shanghai focuses on technology and green innovation

Tao Changsheng, deputy director of the Shanghai Municipal Financial Supervisory Administration, said at a press conference on Wednesday that Shanghai's financial sector is focusing on technological innovation and green transition as part of the city's efforts to promote high-quality economic development. He said he would pay more attention.

Tao said the 32 measures introduced earlier this year to promote the quality development of equity investments should be effectively implemented as they will help optimize the technology investment ecosystem. Ta.

Secondary funds, or S funds, in which investors buy existing interests and assets from investors in primary private equity funds, should aim for significant development in Shanghai as part of efforts to foster innovation. It is. Meanwhile, tools such as special innovation-themed reloans and rediscounts, and technology-themed credit and insurance products should be maximized, he said.

Shanghai has continuously strived to build a multi-layer capital market to foster technological innovation. The technology-focused STAR Market, launched on the Shanghai Stock Exchange in 2019, had successfully listed 566 companies by the end of last year, 58 of which were Shanghai-based companies.

Meanwhile, outstanding loans to technology companies in Shanghai will exceed 1 trillion yuan ($140 billion) by the end of 2023, an increase of 50% since the beginning of the year. More than 400,000 insurance policies have been provided to local technology companies, equivalent to 3.1 trillion yuan in risk protection, Tao said.

He said the green financial services platform, which was launched earlier this year, will further optimize its functionality to promote the city's low-carbonization.

By the end of 2023, the balance of green loans denominated in RMB and foreign currencies by Shanghai-based financial institutions reached 1.2 trillion yuan.

Tao said the city's ambition to give a greater role to the financial sector is built on a constantly improving business environment and maturing financial infrastructure.

Shanghai has 1,771 licensed financial institutions and is home to nearly 200 foreign asset management companies. This accounts for about 30% of China's total. Currently, more than 500,000 financial professionals work in the city.

The total transaction value of various financial exchange venues in Shanghai increased by 15.6 percent year-on-year in the first quarter of 2024, exceeding 866 trillion yuan. In the first quarter, the added value of Shanghai's financial industry increased by 5.1 percent year-on-year. According to the city financial regulator, the total amount will reach approximately 209.7 billion yuan.

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