Shanghai financial industry's added value rises 6.9% to $90b

The added value of Shanghai's financial industry jumped 6.9 percent year-on-year to 659.12 billion yuan ($89.9 billion) in the first three quarters of 2024, Zhou Xiaoquan, executive deputy director of Shanghai Municipal Bureau of Finance, said at a news conference on Thursday.

The growth rate was 1.7 percentage points higher than the average number of China's financial industry, he said.

Shanghai's cross-border RMB settlement volume reached 24.7 trillion yuan during the first 10 months of 2024, accounting for 47 percent of the country's total. Nearly 2 million e-CNY application scenarios have been launched in the city by the end of last year, according to Zhou.

Up to 93 Shanghai-based companies have been listed on the technology-focused STAR Market at the Shanghai bourse. The total market cap of these companies has exceeded 2 trillion yuan, overtaking all the other cities in China. The IPO proceeds of these companies also ranked the first among all Chinese cities, said Zhou.

While Shanghai has the largest number of bank wealth management companies, securities brokerages, fund companies and futures companies in China, foreign companies account for more than 30 percent of all the financial service providers registered in the city. A total of 42 Shanghai-based financial institutions have achieved compliant data export last year, added Zhou.