The system of financial institutions has further grown so that the influence of Shanghai as a financial center has risen significantly.
In recent years, as a host of important financial institutions or organizations have come to be based in Shanghai, such as the BRICS New Development Bank, the Global Association of Central Counterparties (CCP12), the Cross-Border Interbank Payment System (CIPS), the China Insurance Investment Fund, and the National Internet Finance Association of China, the radiant effect and influence of Shanghai’s financial industry have been enhanced remarkably.