On 14 February 2020, the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC), the State Administration of Foreign Exchange (SAFE) and the Shanghai Municipal Government jointly issued the Opinions on Further Accelerating the Building of Shanghai into an International Financial Center and Financial Support for the Integrated Development of the Yangtze River Delta (《关于进一步加快推进上海国际金融中心建设和金融支持长三角一体化发展的意见》) (the "Opinions") . The Opinions provide 30 initiatives to accelerate building Shanghai into a leading international financial hub. 11 of these initiatives aim to further open up Shanghai's financial sector, including expanding market access for foreign financial institutions, promoting the asset management business, facilitating the establishment of an RMB financial asset allocation and risk management center, and cultivating a high-quality financial business environment in line with international standards.
