China pushes Shanghai as international finance center

Wants Shanghai to gain IFC status by 2020.

Shang Fulin, Chairman of the China Banking Regulatory Commission, the banking sector regulator, said CBRC will continue to support Shanghai’s efforts to become an IFC. He said Shanghai has made remarkable progress in the finance sector.

Shang noted that 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.

China's development plans see Shanghai becoming an IFC by 2020.