Is Shanghai on track to IFC goal by 2020?

THE Covid-19 outbreak has not affected the opening up of China's financial sector, or the pace of pushing Shanghai to become an international financial centre (IFC).

On Feb 14, the People's Bank of China (PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, and the Shanghai Municipal Government published Views on Accelerating the Building of Shanghai into an IFC and Financial Support for the Development of the Yangtze River Delta Economic Zone.

This comes as the whole of China is fighting the Covid-19 epidemic. It shows that even while this "black swan" incident has hit China hard, it is still doing all it can to make Shanghai an IFC. This signals the importance of an IFC to China.