Wang Xinze, Deputy Director of the Shanghai Financial Regulatory Bureau: As of now, there are more than 50 foreign-owned banks and insurance institutions in Shanghai.

On May 30th, Wang Xinze, Deputy Director of the Shanghai Financial Regulatory Bureau, stated at a press conference held by the Shanghai Municipal Government that as of now, Shanghai has over 50 foreign-funded banks and insurance institutions, over 100 foreign-funded provincial branches, and all 5 foreign-funded wealth management companies in the country are located in Shanghai. Out of the 17 foreign-funded insurance companies, 11 are headquartered in Shanghai, presenting a lively situation of both domestic and foreign financial institutions thriving and competing. In order to timely understand and respond to the reasonable needs of foreign institutions, the Shanghai Financial Regulatory Bureau has established a mechanism for responding to their demands and supports their business development in Shanghai.