Gao Yunlong, vice-chairman of the Chinese People's Political Consultative Conference National Committee and chairman of the All-China Federation of Industry and Commerce, led a team from the Committee on Economic Affairs of the CPPCC National Committee to conduct a survey on Shanghai's efforts in deepening reform of the financial system from April 7 to 10.

The team visited a range of financial institutions and enterprises in the real economy, where they talked with executives and business leaders about Shanghai's reform measures as well as practical approaches to advancing high-quality development in the financial sector.

The team lauded Shanghai's efforts in studying and implementing the guiding principles of the 20th National Congress of the Communist Party of China (CPC) and the second and third plenary sessions of the 20th CPC Central Committee. The city has pioneered financial reform and opening-up, and made solid progress in reforming finance in terms of technology, green development, inclusiveness, pensions and digital development, in an effort to build itself into an international financial center, the team noted.

To deepen financial system reform, the team emphasized the importance of better understanding the fundamental nature and underlying rules of finance, and upholding the core mission of finance serving the real economy. They called for advancing supply-side structural reforms in the financial sector, and building institutional mechanisms that ensure effective financial support for the real economy. Financial institutions should also be guided to better serve micro, small and medium-sized enterprises and help cultivate new drivers of growth, they added. 

The team pledged to carry out in-depth research and offer policy recommendations to deepen financial system reform and foster broader consensus on building China into a financial powerhouse.