Shanghai is exploring a cross-border wealth management scheme in a bid to become a global asset management centre by 2025, according to Reuters.
The plans were reportedly announced by Shanghai’s Lujiazui Financial City during a conference on 28 July 2021.
It aims to strengthen ties with other financial hubs such as London and New York.
Reports state that the meeting was attended by global asset managers including BlackRock, Fidelity International and Franklin Templeton.
Shanghai did not give a time frame for its cross-border wealth management scheme or details on how it would work.
This comes after the unveiling of the Wealth Management Connect (WMC) pilot scheme in the Guangdong-Hong Kong-Macau Greater Bay Area.
It will allow residents of Hong Kong, Macau and major Guangdong cities to invest across borders.