Since last year, Shanghai has, in accordance with General Secretary Xi Jinping’s instructions, advanced epidemic prevention and economic and social development in a coordinated manner, with greater strides made for further reform and opening-up and new progress achieved in becoming an international financial center. The city remained third in the latest Global Financial Center Index (GFCI), with its rating very close to the second.
During the 14th Five-Year Plan period, financial regulators in China will make concerted efforts with Shanghai as well as Chinese and foreign financial institutions to deepen financial reforms and promote financial openness in Shanghai. Since 2020, in response to the unprecedentd pandemic, developed countries have all launched super-stimulus packages. Such fiscal expansion is accompanied by ultra-loose monetary policy.