11 December 2018

Qingdao wins nod for pilot financial reform zone, paper says

The port city of Qingdao in eastern China’s Shandong province is set to build a comprehensive financial reform zone with focus on wealth management business, Shanghai Securities News reported Friday, citing the city government’s information office. Establishment of the zone has been approved by the People’s Bank of China, the National Development and Reform Commission, the Ministry of finance and other ministries as part of the central government’s efforts to deepen reform and innovation of the financial system. Several major tasks are set for the zone, including nourishing multifaceted wealth management firms, developing a multifunctional wealth management market and encouraging the development of new financial products, the report said.

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