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China will drive globalization of Shanghai’s monetary markets: Xi

Financial

China will drive globalization of Shanghai’s monetary markets: Xi

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FILE PHOTO: Chinese President Xi Jinping attends a welcoming ceremony in front of the Great Hall of the People in Beijing, China on October 25, 2019. REUTERS / Florence Lo / file photo

BEIJING (Reuters) – China’s President Xi Jinping said Sunday the country would advance the globalization of Shanghai’s financial markets through the Belt and Road Initiative and the city should seek to dominate the core links in the industrial chains.

The financial center should boldly jump into the ocean of the global economy and fight the storms to build strong tendons and strengthen 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 for the coordinated development of onshore and offshore businesses and a stepping stone for business ventures abroad, Xi said.

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

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