LJZ(SH:600663) Zheng Quan Shi Bao Wang·2025-06-20 14:47Core Viewpoint - The low level of internationalization is identified as the biggest shortcoming of Shanghai's financial center development, necessitating efforts to enhance its international openness and integration into the global financial system [2][3]. Group 1: Current Shortcomings - Shanghai's foreign financial institutions account for only about 30% of total assets, compared to over 70% in New York and more than 50% in London [2]. - Foreign ownership in the A-share market is less than 5%, and only 2.5% in the bond market, while London sees foreign ownership generally above 30% [2]. - There are no global systemically important banks headquartered in Shanghai, while New York and London have 10 and 6 respectively [2]. - Shanghai has only 3 of the world's top 500 financial institutions headquartered there, compared to 11 in New York and 7 in London [2]. - The diversity of financial products and market depth in Shanghai is lacking, affecting its global pricing power [2]. Group 2: Recommendations for Improvement - Develop an offshore RMB market to enhance global liquidity and attract more RMB-denominated financial products [4]. - Increase the internationalization of capital markets by optimizing listing rules and encouraging overseas companies to list in Shanghai [5]. - Accelerate the development of financial technology and digital finance to maintain a competitive edge [5]. - Continuously improve the financial business environment by introducing internationally recognized dispute resolution mechanisms [6]. - Establish Shanghai as a global leader in green finance, enhancing carbon market construction and supporting ESG products [6].