(13 March 2013 – China) The China Banking Regulatory Commission (CBRC) is pushing Shanghai to become an International Finance Centre (IFC).CBRC chairman Shang Fulin said the banking sector regulator will continue to support Shanghai’s efforts to become an IFC.
Fulin said Shanghai has made remarkable progress in the finance sector.
He noted that the number of banking institutions in Shanghai had doubled since 2005 and the city is now home to a range of exchange platforms, including commodity futures and stocks.
China’s development plans see Shanghai becoming an IFC by 2020.