Lujiazui to cooperate with Frankfurt on financial development

A photo captures the view of Lujiazui, Pudong New Area. [Photo provided to chinadaily.com.cn]

Shanghai's Lujiazui Financial City signed a cooperation deal on asset management, green finance and financial technology with Germany's financial capital Frankfurt on Sept 23.

After more than 30 years of development, Lujiazui Financial City is today an important investment destination in the world that is favored by many well-known German banks, insurance, asset management and other financial institutions.

DWS Group, a subsidiary of Germany's biggest bank Deutsche Bank AG, and Allianz Investment, a subsidiary of insurer Allianz SE, have established wholly-owned asset management companies in Lujiazui.

As the core area of Shanghai's international financial center construction, Lujiazui has attracted various institutions from all over the world. At present, Lujiazui is home to more than 40,000 enterprises and more than 6,000 Chinese and foreign financial institutions. Its regional economy is valued at 578.12 billion yuan ($89.8 billion).

Liu Jun, chairman of the administrative council of Lujiazui Financial City, expects the cooperation between Frankfurt Financial Center and Lujiazui Financial City to serve as a financial link between China and Germany, and even the world. Both sides have pledged to advocate a safe, stable and healthy international financial system.

Zhang Yuxiang, director of the Lujiazui administration bureau, said that Lujiazui Financial City has been accelerating its development into a world-class financial city by strengthening communication and exchanges with international financial centers in Frankfurt, London and Paris through online forums and seminars.