10. China Development Bank opens Shanghai office and Lujiazui Financial City reforms its management mechanism

The China Development Bank opens a branch office in Shanghai on June 23. [Photo provided to chinadaily.com.cn]

The branch office of the China Development Bank in Shanghai opened on June 23. The branch will support development of the infrastructure of the bond market in Shanghai's free trade zone. It will also take part in local financial market transactions and promote the internationalization of the RMB.

Lujiazui Financial City in Shanghai established a management board in August, which allows various forces to participate in the governance of the city's financial sector. [Photo provided to chinadaily.com.cn]

Shanghai's Lujiazui Financial City announced reforms to its management mechanism in August by establishing a management board of which 90 percent is made up of people from key enterprises, industry organizations, building developers and other industry representatives. The board allows various forces to participate in the governance of the city's financial sector, and jointly to promote the city's development. The reforms will help Lujiazui better align itself with international regulations and standards and contribute to Shanghai's goal of becoming an international financial center.