Zhang Yugui points out that China’s financial services development is currently at the awkward stage where there is much financial innovation and the opening up of the financial sector, but not yet the corresponding capabilities to manage the complex financial systems and cutting-edge fintech. Hence we see the recent rash of anti-monopoly measures directed at tech giants such as Ant Group and Tencent. But has the industry reached a true tipping point? What must regulators do to bridge the gap?
Economy
Zhang Yugui, dean of the School of Economics and Finance at the Shanghai International Studies University, weighs up Shanghai’s chances of becoming an international financial centre that can vie with leading cities such as New York and London. While he is certain that Covid-19 will not affect Shanghai's progression towards its goal, he feels there is no need for Shanghai to be overly fixated on letting the world know that it has become an international financial centre by a certain date.