November 3, 2019 / 12:28 PM / a month ago

China will promote globalization of Shanghai's financial markets: Xi

FILE PHOTO: Chinese President Xi Jinping attends a welcome ceremony outside the Great Hall of the People in Beijing, China, October 25, 2019. REUTERS/Florence Lo/File Photo

BEIJING (Reuters) - China’s President Xi Jinping said on Sunday that the country will promote the globalization of Shanghai’s financial markets through the Belt and Road Initiative, and the city should strive to master the core links of the industry chains.

The financial hub should courageously jump into the ocean of the world’s economy and fight the storms to build strong tendons and strengthen the bones, Xi said on a tour in Shanghai ahead of an import fair next week.

The newly expanded free trade zone (FTZ) in the city will serve as a hub to develop the onshore and offshore businesses in a coordinated way and a springboard for corporate overseas ambitions, Xi said.

Reporting by Stella Qiu, Roxanne Liu and Ryan Woo; editing by Jason Neely

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