Banking regulator supports Shanghai in building IFC

The chief of China's banking regulator said Thursday that the commission will continue to support the economic hub of Shanghai in its efforts to become an International Finance Center (IFC).

While joining national legislators from Shanghai to deliberate on the government work report, Shang Fulin, chairman of the China Banking Regulatory Commission, hailed the remarkable progress the city has made in the finance sector, such as creating growing varieties of financial institutions and exchange markets.

The number of Shanghai banking institutions has doubled since 2005, and the city is now home to a range of exchange platforms, including commodity futures and stocks, Shang noted, while heaping praises on Shanghai's role in leading financial tool innovations.

According to China's development plans, the country is aiming to build Shanghai into an IFC by 2020 amid a shifting global financial landscape, in which China's increasing economic weight in recent years helped secure more prominence for the city.