A view of Shanghai Photo: VCG

The People’s Bank of China (PBC), the country’s central bank, and the IMF announced on Wednesday the opening of a new IMF regional center in Shanghai.

The Shanghai Regional Center is set up to strengthen the IMF’s engagement and partnership in the Asia-Pacific region, according to the organization. 

The center will serve as a hub to promote research that can inform policies in areas of interest to emerging market and middle-income countries. It will help deepen the IMF’s dialogue with member countries and other stakeholders in the region, including international financial institutions, academics, think-tanks, CSOs, and the private sector, the IMF said.

“We welcome the establishment of the IMF Regional Center in Shanghai. We believe the Shanghai Regional Center will deepen cooperation between the IMF and China, enhance macroeconomic policy exchange and coordination among the Asia Pacific countries, and support regional and global financial stability,” PBC Governor Pan Gongsheng said.

Regarding the Shanghai center, the IMF Managing Director Kristalina Georgieva said: “The center will further strengthen the IMF’s engagement in the dynamic Asia Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation.”

The announcement was made at the 2024 Lujiazui Forum, being held from Wednesday to Thursday in Shanghai. 

During the forum, Pan noted that the PBC supports the development of Shanghai’s international financial center and encourages foreign-funded financial institutions and international financial organizations to establish a presence in Shanghai.

Li Yunze, head of the National Financial Regulatory Administration, said at the forum that Shanghai has been at the forefront of the reform and opening up of the country’s financial sector, and the administration will soon roll out implementation rules for accelerating the building of the city into a global reinsurance center, including explore pilot investment of insurance funds in gold contracts and related products of Shanghai Gold Exchange.

During the forum, the China Securities Regulatory Commission, the country’s top securities regulator, announced that it will introduce eight measures tied to the STAR market. The reforms will improve the systems and mechanisms for issuance and underwriting, mergers and acquisitions, equity incentives, and trading, and better serve technological innovation and growth of new-quality productive forces.

Moreover, the central bank vowed to further improve the market-oriented interest rate formation and control mechanism.

Global Times