Shanghai: Encouraging foreign investment to engage in differentiated competition and allow foreign investment to hold controlling stakes in wealth management subsidiaries to enrich product offerings.

The Shanghai government held a press conference, during which Wang Xinze, Deputy Director of the Shanghai Financial Regulatory Bureau, pointed out that the bureau is guiding the innovative development of foreign-funded institutions in Shanghai. They are encouraging foreign banks to leverage their cross-border networks and product advantages to achieve differentiated competition and specialized development in business models, customer targeting, service ecosystems, and other aspects. They are also promoting foreign insurance companies to utilize global expert support teams to provide risk reduction services. Additionally, they are guiding foreign-controlled wealth management companies to enhance their investment management capabilities and enrich the supply of wealth management products in the market by leveraging the investment research capabilities and risk control experience of their foreign shareholders.