Shanghai Charts Path to Greater Offshore Finance Role

Chinese Vice Premier He Lifeng said that Shanghai will get assistance to further strengthen its standing as a global financial hub.

Speaking at the opening of the 2026 Lujiazui Forum today, he said improving the city's capacity and operations in offshore finance was a key step. An action plan was also presented at the forum. The forum concludes on Thursday.

"Shanghai boasts unique strengths in offshore finance due to its diverse array of financial institutions, products, and a vibrant ecosystem," He said, noting that a yuan-denominated global asset management center is under construction in Shanghai to enhance risk control.

The demand for offshore finance is rapidly increasing as Chinese enterprises pursue "going global" initiatives.

Shanghai Party Secretary Chen Jining said that the city maintains a well-balanced approach to development and security in its financial sector. Foreign institutions continue to play a crucial role in this process, with 30 percent of financial entities in Shanghai being foreign-invested.

China's Vice Primer He Lifeng attends the opening of the 2026 Lujiazui Forum. Dong Jun / China Biz Buzz

The Lujiazui Forum was created as a high-level global platform in 2008 to foster international financial cooperation and further China's financial reform and market opening.

Named after the financial district of Shanghai in the Pudong New Area, the forum also symbolizes Shanghai's vision of becoming a leading international financial hub.

This year's forum brings together more than 70 heavyweight speakers from China's central financial regulatory body, overseas financial authorities, international organizations, stock exchanges, financial institutions, and market operators.

It will include eight plenary sessions covering global financial governance, capital market reform, Shanghai-Hong Kong financial cooperation, technology finance, inclusive finance and sustainable finance.

The Action Plan for Developing Offshore Finance in Shanghai International Financial Center is unveiled at the 2026 Lujiazui Forum. Dong Jun / China Biz Buzz