The Chinese municipality of Shanghai released a new action plan - powered by the Shanghai Stock Exchange science and technology board - that details the region's strategy as it aims to become a global financial hub.
The State Council has approved the plan initiated by eight central regulatory bodies under the People's Bank of China.
Basically, the plan is directed at turning Shanghai into a global financial market leader by the year 2020 through a transparent financial system that capitalizes on efficiency and innovation, China Daily reported.
To achieve its goals, Shanghai vice mayor Wu Qing said there are six sectors that should be prioritized. These are financial tech, insurance services, cross-border investments and financing, asset management, financial risk management strategies, and renminbi asset pricing plans.
While no official launch date has been announced just yet, analysts attribute the municipality's success rates to the newly introduced science and technology innovation board. The new board added to the Shanghai Stock Exchange was introduced in November by Chinese President Xi Jinping.
Furthermore, Beijing is showing full support for Shanghai's ascent. A proposed expansion of the China (Shanghai) Pilot Free Trade Zone (FTZ) was recently announced to promote financial innovation.
So far, Shanghai is marching well towards its 2020 goal. Trading volumes in the town exceeded 1.645 quadrillion yuan last year. The figures are significantly up by 15.2 percent compared to computations from 2017.
Aside from drafting plans for 2020, Shanghai has been working to boost its innovative sect over the past months, in hopes of attracting global financial markets. The municipality's efforts seem to be paying off
On Wednesday, the first 3D-printed bridge in China was installed in Shanghai's Baoshan District. According to The Spaces, the bridge two robotic arms spent 450 hours completing the world's longest 3D bridge.
At 26 meters long, the 3D bridge features a unique rippled design that is attributed to Zhao County's Anji Bridge. It was designed by Professor Xu Weiguo-led Tsinghua University's JCDA.
It is worth noting that Shanghai's 86-foot 3D bridge was built from scratch using printed composite concrete. Professor Xu's team used a software to model the bridge for shape-forming tasks and weight measurements before it was printed.
With ribbon-like handrails and white stones highlighting the patterned pavement, Shanghai's 3D bridge is already a world wonder. However, the pivoting point is its "smart" concept of installed sensors that measure real-time stress, giving researchers more accurate data about the bridge's structural status.
