Shanghai unveiled an ambitious blueprint to strengthen its position as a global asset management hub, setting a target of 55 trillion yuan ($8.12 trillion) in assets under management by 2030 — equivalent to one-third of the national total — as it seeks to enhance the global allocation and risk management functions of renminbi-denominated assets.
The General Office of the Shanghai Municipal People's Government announced on Tuesday that it recently issued guidelines to deepen the development of Shanghai as a global asset management center. The policy, which took effect on Monday, focuses on the overarching goal of enhancing the global allocation and risk management functions of renminbi-denominated assets.
The guidelines aim to promote two-way circulation between domestic and international markets, with key efforts concentrated on strengthening the financial market system, improving the service capabilities of asset management institutions, and fostering innovation in products and services.
The objective of the guidelines is to further advance the high-quality development of Shanghai's asset management sector, strengthen the dual engines of asset and wealth management, accelerate the internationalization of the renminbi, facilitate diversified domestic and overseas asset allocation, enhance Shanghai's role in the global allocation and risk management of renminbi assets, and reinforce the competitiveness and influence of Shanghai as an international financial center, the General Office of the Shanghai Municipal People's Government said.
