Building Shanghai into global finance center

To achieve the objective, China needs to develop its finance industry to support industrial innovation.
Technology innovation and the development of a mature, healthy financial market are interdependent, as proved by the prosperity of the US NASDAQ (National Association of Securities Dealers Automated Quotations) stock market and the strength of Japan's main bank system.

China has already announced the strategic plan of developing Shanghai into an international financial center. This can be approached by encouraging technology innovation. Besides ensuring an effective market mechanism to develop promising enterprises, the government should nurture and introduce large number of professional investment teams to invest in promising innovative enterprises.

The final objective of the financial center construction strategy is to achieve the internationalization of the yuan. It's unsafe for China to put most of its fortune in dollars. Hence the inevitable trend of the internationalization of the yuan.  However, given the immature conditions for yuan internationalization at present, Shanghai's current job is to focus on the development of the modern service industry. By providing high-quality service in such industries as shipping, trade and finance, as well as creating comfortable living and working conditions, Shanghai will gradually promote yuan trade settlement. (Sun Lijian, Shanghai Daily)