The branch office of the China Development Bank (CDB) in Shanghai opens on June 23. [Photo/pdtimes.com.cn]

The city of Shanghai hosted a launching ceremony on June 23 to officially unveil its branch office of China Development Bank (CDB), as well as its financial research and development center, fund business center and ship financing center.

The Shanghai branch of CDB will support the infrastructure construction of the bond market in Shanghai's free trade zone (FTZ), take part in local financial market transactions and promote the internationalization of the RMB.

To date, three of the country’s "big four" commercial banks have settled their secondary business headquarters in Shanghai, respectively Bank of China (BOC), Agricultural Bank of China (ABC) and China Construction Bank (CCB). With the CDB opening its branch office in Shanghai, more policy lender banks will also follow the trend by expanding their businesses to the city.

Since the foundation of the Shanghai FTZ, the area has landed many kinds of financial organizations. By the end of 2015, the number of financial institutions in the zone reached 1,478, up 29 percent from 2010.