Investors are seen at a stock trading hall in east China's Shanghai, Feb. 25, 2019. (Xinhua/Zhuang Yi)

Political advisors in Shanghai have proposed that the Shanghai Stock Exchange become a joint stock corporation and go public to further to enhance the status of Shanghai as an international financial center.

At the Shanghai Committee of the Chinese People's Political Consultative Conference (CPPCC), 20 Shanghai SPPCC members have suggested that Shanghai Stock Exchange should be reorganized into a joint stock corporation from the current government-sponsored administration institution.

The proposal noted that the Shanghai stock exchange is still operating based on membership system and government-sponsored administration institution, which to a certain extent, restricts the development of the capital market and its international competitiveness. 

The proposal outlines a structure in which the Shanghai Stock Exchange undertakes joint stock corporation reform and establishes four subsidiaries: Shanghai Stock Exchange, Financial Futures Exchange, Options Exchange and Securities Depository and Clearing Corporation into one group.

The advisors suggested the restructured Shanghai Stock Exchange group to go public in Shanghai and Hong Kong and seize the strategic opportunity of the new round of China's opening up, to go overseas and encourage foreign enterprises to list on the Shanghai Stock Exchange, so as to enhance the international competitiveness of the Shanghai Stock Exchange and the global influence of the city as an international financial center.