Going forward, we will continue to support Shanghai’s efforts to optimize the multi-channel opening-up while taking active steps to expand the opening-up of onshore markets in line with market demand and promoting prosperity and development of both onshore and offshore markets. Third, more work should be done to make Shanghai a place where financial institutions concentrate, particularly wealth management and asset management institutions.
In recent years, China has been steadily picking up pace in opening up its financial services industry, as reflected by the complete removal of foreign ownership caps on banks as 2/3  BIS central bankers' speeches  well as securities, fund management, futures, and life insurance companies.