Written by 14:59 International, Press Releases, TOP-NEWS

Closer Cooperation between the financial centers of Shanghai and Frankfurt

The two leading financial centers Shanghai and Frankfurt want to join forces and cooperate more closely in the near future. Representatives of both sides signed a memorandum to this effect on Thursday

The ceremony took place as part of a symposium entitled “Focus on Shanghai – Dialog between Lujiazui and the Frankfurt Financial Center”. Among others, representatives of Deutsche Bank and the world’s leading reinsurer Munich Re, as well as other major German financial institutions, asset managers, FinTechs and industry organizations were present.

"Shanghai and Frankfurt are the main financial centers of both countries and both are strongly committed to the development of green finance, asset management, financial technology and the global capital market. We have the best position and the best prerequisites to further contribute to closer cooperation between the two countries in the financial industry."

Liu Jun, President of Bank of Communications and Chairman of Lujiazui Finance City Council said: “China is Germany’s largest trading partner for the fifth consecutive year, and cooperation between the two countries will be on an even larger scale in the future. Both sides can use their respective market advantages to increase trade and investment.”

After more than 30 years of development, the so-called Lujiazui Financial City, the financial district of the Shanghai metropolis, has become an important global investment destination. A number of German financial companies have also already settled in Lujiazui.

In the course of the further opening of the Chinese financial sector, Deutsche Bank has acquired numerous licenses in recent years, which fulfill a bridging function between the Chinese, the European as well as the German-Chinese capital markets. The asset managers DWS, whose majority shareholder is Deutsche Bank, and Allianz Global Investors, a subsidiary of Allianz, have each established their own management company in Lujiazui. Frankfurt-based Hauck & Aufhäuser has also settled in Lujiazui and plans to establish a private equity fund management business.

The memorandum now, signed between Lujiazui Financial City Council and Frankfurt Main Finance will strengthen communication and exchange through forums and dialogues to promote synergies between the two international financial centers on key issues of mutual interest.

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