Pudong to develop into global resource allocation center

Pudong New Area in Shanghai has been striving to develop into a global resource allocation center since 2011, and it is now extremely close to achieving this goal.

Home to 13 state-level factor markets and a plethora functional financial infrastructure, Pudong has some of the most complete financial factor markets and most active traders in the world.

France-based Societe Generale plans to set up a joint securities firm in Pudong. He Xin, director of the company's global financial market department, explained that Pudong's abundant financial factor markets and financial infrastructure would be a huge benefit to the company.

The China Central Depository & Clearing Co Shanghai Headquarters was inaugurated in Pudong in December 2017, bringing together five functional platforms – a cross-border bond issuance center, a cross-border bond settlement center, the China Bond Collateral Security Business Center, the China Bond Financial Valuation Center, and the Shanghai Data Center.

Several other companies have recently set up operations as well. SGE International launched in 2014, an international reinsurance platform launched in 2018, and the Shanghai-London Stock Connect will open this year.

All these factors are helping to bolster China's position in the international financial sector.