英國(guó)保誠(chéng)集團(tuán)（Prudential）：金融支持長(zhǎng)三角一體化發(fā)展研究 Strengthening financial support for the integrated development of the Yangtze River Delta region 2023

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StrengtheningfinancialsupportfortheintegrateddevelopmentoftheYangtzeRiverDeltaregion

Prudentialplc.

TheYangtzeRiverDeltaregion1isbecomingChina'sregionalfinancialhighland,withalargenumberofdiversefinancialinstitutions,awell-developedfinancialmarket,andafinancialcenterwithstronginternationalinfluence.TosupporttheintegrateddevelopmentoftheYangtzeRiverDeltaregion,thefinancialindustryisrequiredtocontributewiththegoalofintegratedandhigh-qualitydevelopment.Itfocusesonfouraspects:financialsupportforinnovativedevelopment,financialsupportforgreendevelopment,financialsupportforopendevelopment,andfinancialsupportforintegratedandcoordinateddevelopment.

1.AsolidfinancialfoundationfortheintegrateddevelopmentoftheYangtzeRiverDelta

FinancialsectorisanadvantageousfieldintheYangtzeRiverDeltaregion,withalarge-scalefinancialindustry,ahighconcentratedfinancialinstitutions,acompletefinancialmarket

1TheYangtzeRiverDeltaregionincludesShanghai,JiangsuProvince,ZhejiangProvince,andAnhuiProvince.

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system,andafinancialcenterwithinternationalinfluence.ThefinancialsectorisnotonlyanimportantpartoftheintegrateddevelopmentoftheYangtzeRiverDelta,butalsoanimportantdrivingforceforitshigh-qualitydevelopmentandcoordinateddevelopment.

TheYangtzeRiverDeltaregionhasalarge-scalefinancialindustry.In20222,TheGDPoftheYangtzeRiverDeltais29.03trillionRMB,accountingforabout24%ofthenationalGDP.Bytheendof2022,thebalanceofdepositsandloansindomesticandforeigncurrenciesintheYangtzeRiverDeltaregionhasreached68.3trillionyuanand56.7trillionyuanrespectively,accountingforabout26%ofthecountry'stotal;theratiostoregionalGDPreached235%and195%respectively.Thetotalnumberoflistedcompaniesreached1,925,accountingfor38%ofthewholecountry;themarketvalueoflistedcompaniesreached23.1trillionyuan,accountingfor26%ofthewholecountry,andtheratiotoGDPreached78%.In2022,therewillbe209newlistedcompanies(includingA-shares,HongKongstocksandUSstocks)intheYangtzeRiverDeltaregion,accountingforabout40%ofthetotalnumberofnewlylistedcompaniesthatyear.In2022,theoriginalinsurancepremiumincomeintheYangtzeRiverDeltaregionreached1,045.7billionyuan,accountingfor22%ofthewholecountry.Inadditiontoinsurancepremiumincome,otherimportantfinancialproportionindicatorsintheYangtzeRiver

2ThedatasourceofmacroeconomicdataandfinancialmarketdatainthisreportisWind.

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DeltaarehigherthanitsGDPshare,andthedegreeoffinancialdepthisgenerallyhigherthanthenationallevel.

TheYangtzeRiverDeltaregionhaslargenumberoffinancialinstitutionswitharelativelyhighdegreeofinternationalization.Amongthetop20commercialbanksinthecountry,6arelocatedintheYangtzeRiverDeltaregion,nextonlytoBeijing;bytheendof2021,thenumberofcommercialbankbranchesintheYangtzeRiverDeltaregiontotaled38,948,accountingforabout17.4%ofthewholecountry;bytheendofJune2022,theassetsofforeignbanksinShanghaiwereabout1.6trillionyuan,accountingfor32.5%ofthetotalassetsofforeignbanksinthecountry.Therearealso13A-sharelistedbrokerageheadquartersand47headquartersofvariousinsurancecompaniesintheYangtzeRiverDeltaregion,accountingfor35%and20%ofthewholecountryrespectively.Bytheendof2022,themanagementscaleofpublicfundsinShanghaiwas9.46trillionyuan,accountingfor36.4%ofthewholecountry;themanagementscaleofprivatefundswas5.05trillionyuan,accountingfor25.2%ofthewholecountry,ofwhichthemanagementscaleofforeignprivatefundsaccountedfor95%ofthewholecountry.

TheYangtzeRiverDeltaregionhasalmostallkindsoffinancialmarketswithastronggrowth.Therearevariousnationalfinancialmarketssuchasstocks,bonds,futures,currency,commercialpaper,foreignexchange,gold,insurance,andcarbon

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emissiontrading.Itisoneoftheregionswiththemostcompletefinancialelementsandthelargestfinancialmarketintheworld.WiththecontinuousgrowthofChina'seconomyandthegradualadvancementoffinancialdeepening,thesefinancialmarketsareinastageofrapidgrowth.ThemarketvalueoflistedcompaniesontheShanghaiStockExchangehasincreasedby1.6timesinthepasttenyears,andtheglobalrankinghasrisenfrom7thto3rd;theannualfinancingscaleoftheShanghaiStockExchangebondmarkethasreached4.5trillionyuan,andthetotalcustodyvolumehasreached15.9trillionyuan,whichisthelargestexchangebondmarketintheworld.

TheYangtzeRiverDeltaregionhasafinancialcenterwithinternationalinfluence.TheconstructionofShanghaiasaninternationalfinancialcenterhasachievedpositiveresults.Thescaleofthefinancialmarkethasgrownrapidly,thesystemoffinancialinstitutionshasbeencontinuouslyimproved,theabilitytoallocatefinancialresourceshasbeensignificantlyenhanced,andtheinternationalinfluencehasbeensignificantlyenhanced.InMarch2022,intheGlobalFinancialCenterIndex(GFCI)rankingreleasedbytheBritishthinktankZ/YenGroup,ShanghairankedfourthintheworldafterNewYork,LondonandHongKong,China.

2.ThestatusquoandeffectivenessoffinancialsupportfortheintegrateddevelopmentoftheYangtzeRiverDelta

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Inrecentyears,theregionalfinanceoftheYangtzeRiverDeltahasmaintainedagooddevelopmenttrend.Manyexplorationsandinnovationshavebeenmadeinservingtheinnovation-drivendevelopment,greenandlow-carbondevelopment,opendevelopmentandintegratedcoordinateddevelopmentoftheYangtzeRiverDelta,andpositiveresultshavebeenachieved.

(1)Theintensityoffinancialsupportforinnovation-drivendevelopmenthasbeengreatlyenhanced

Thecapitalmarketplaysasignificantroleinsupportinginnovation.ThecapitalmarketintheYangtzeRiverDeltaregionisdeveloped,andenterpriseshaveastrongawarenessofusingthecapitalmarket.Afteryearsofdevelopment,alargenumberofinnovativeenterpriseshavebeenlistedontheScienceandTechnologyInnovationBoardandtheChiNextBoard.AsoftheendofFebruary2023,thenumberofcompanieslistedontheScienceandTechnologyInnovationBoardintheYangtzeRiverDeltaregionreached240,accountingfor47%ofalllistedcompaniesontheScienceandTechnologyInnovationBoard;therewere444listedcompaniesontheChiNextBoard(nearlythreeofwhichbecame"SRDI,thatisSpecialized,Refinement,Differential,Innovation"enterprises),accountingfor36%ofalllistedcompaniesontheChiNextBoard.Inaddition,asoftheendof2022,TheYangtzeRiverDeltaregioninnovationandentrepreneurshipcompanieshaveissuedatotalof44dual-

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innovationbondswithanissueamountof27.5billionyuan,accountingforabouthalfofthenumberofdual-innovationbonds(excludingthoseissuedbyfinancialinstitutions)andissuevolumeinChina.

Bankingindustry’ssupportforinnovationhasbeengreatlyenhanced.Throughtheestablishmentofspecializedinstitutionsfortechnologicalfinance,innovativetechnologicalfinancialproducts,andstrengtheningpolicysupport,thebankingindustryintheYangtzeRiverDeltaregionhasenhanceditsabilitytosupporttechnologicalinnovation.Inthefirsthalfof2022,thenumberofexistingloansandloanbalancesoftechnology-basedenterprisesinShanghaiwere18,000and654.2billionyuan,ayear-on-yearincreaseof59%and65.2%.AttheendofAugust2021,thebalanceofscienceandtechnologyloansinZhejiangProvincewas1,007.4billionyuan,involvingmorethan30,000technologycompanies,withacoverageof50%.Attheendof2021,theloanbalanceofscienceandtechnologyenterprisesinJiangsuProvincewas665.7billionyuan,anincreaseof29.71%.Bytheendof2022,theloanbalanceoftechnologyenterprisesinAnhuiProvincewillbeabout360billionyuan,anincreaseof38%,andthenumberoftechnologyenterpriseswithloanswillexceed20,000,anincreaseof156%3.ThebankingindustryintheYangtzeRiverDeltaisrapidlyaccumulatingcapabilitiesto

3Thedataonbanks’supportfortechnologycompaniescomesfromeachprovince’sofficeofChinaBankingandInsuranceRegulatoryCommission.

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supportinnovation.

Theroleofindustrialfundsinsupportinginnovationandentrepreneurshiphasfullydemonstrated.AllthefourprovincesintheYangtzeRiverDeltaattachimportancetotheuseofindustrialfunds,includinggovernmentguidancefunds,tosupportinnovationandentrepreneurship.TheYangtzeRiverDeltaregionnotonlyhasalargeamountofindustrialfunds,butalsoestablishedtheYangtzeRiverDeltaSynergisticAdvantageIndustryFundearlier.Sinceitsestablishmentin2018,thefundhascultivatedmorethan120national-levelspecializedandspecialnew"littlegiant"enterprisesinleadingindustriessuchasintegratedcircuits,biomedicine,andartificialintelligence.

(2)Theconstructionofregionalgreenfinancialsystemhasachievedremarkableresults

Thegreenfinancialpolicysupportsystemcontinuedtoimprove.TheShanghaiBranchofthePeople'sBankofChinacarriedoutgreenfinanceevaluationworkforShanghaibankingfinancialinstitutions,establishedanevaluationindexsystem,andincorporatedtheevaluationresultsintotheratingsoffinancialinstitutionsofthePeople'sBankofChina,andcoordinatedwithotherbranchesofthePeople'sBankofChinainthethreeprovincestograduallyunifytheevaluationstandardsforgreenfinanceintheYangtzeRiverDeltaregion.ZhejiangProvinceusestheassessmentandevaluationmechanismtopromotetheimplementationofincentivepoliciesrelatedtogreenfinance.

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Jiangsuhasestablishedaprovince-widegreenfinancesupervisionandreportingsystemtoregularlyreportworkprogressandincludegreenfinancefactorsinhigh-qualitydevelopmentperformanceevaluationindicators;promotefinancialinstitutionstojointlybuildenvironmentalinformationdisclosuretrainingandexchangeplatformstoimproveenvironmentalinformationdisclosure.Inaddition,theconstructionofgreenfinancialserviceplatformscontinuestoadvance,andtheShanghaiInsuranceExchangehasbuiltadigitaltradingplatformforgreenfinanceintheYangtzeRiverDelta.

Thetotalsupplyofgreenfinanceserviceshasgrownrapidlyandthestructurehasbeencontinuouslyoptimized.ManybanksintheYangtzeRiverDeltaregionhavesetupgreenspecializedbranchesorgreenfinancebusinessdepartments,andthebalanceofgreenloansintheregionexceeds4trillionyuanbytheendof2022.Thegreenbondmarketisdevelopingrapidly.BytheendofOctober2022,theShanghaiStockExchangehasissuedatotalofnearly500billionyuanofgreenbondsorgreenasset-backedsecurities.Thecoverageofgreeninsurancehasgraduallyincreased,andbusinessessuchasgreentrust,greenfinancialleasing,andgreensupplychainbillshavebeenlaunchedoneafteranother.

Thenationalandregionalcarbonemissionmarketsaredevelopingsteadily.Amongthe8localcarbonemissionstradingmarketpilotsinChina,theShanghaipilotisrelativelyactive,and

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theparticipationofinstitutionalinvestorsranksfirstamongthepilotemissionstradingmarkets;activelycarryoutcarbonfinancialproductinnovation,andlaunchcarbonquotaforward,carbonborrowing,carbonpledge,sellrepurchaseandotherproducts,etc.ThecumulativetradingvolumeofcarbonemissionquotasatthenationalcarbonemissionstradingmarketinShanghaiisabout180milliontons.Theroleofthepricediscoverymechanismhasinitiallyappeared,andtheawarenessandabilityofenterprisestoreduceemissionshavebeeneffectivelyimproved.

(3)Thedegreeoffinancialopennessisattheleadinglevelinthecountry

Financialopennesspolicyhasobviousadvantages.WiththehelpofopenplatformssuchastheconstructionofShanghaiInternationalFinancialCenterandtheFreeTradeZone,theYangtzeRiverDeltaregionhastheadvantageofbeingthefirsttoexperimentinmanyfieldsoffinancialopening.ShanghaiLingangNewAreaisconcentratingoncreatinganewfinancialhighland,amodelroomforfinancialtechnologydevelopment,andsteppinguptheconstructionofanewinternationalfinancialcity.

Cross-borderfinancialreformandinnovationcontinuedtoadvance.Shanghaipioneeredthefreetradeaccountsystem,tooktheleadinlaunchingcross-bordertradeRMBsettlementpilotprojectsacrossthecountry,launchedforeignequityinvestment

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enterprise(QFLP)pilotprojectsandqualifieddomesticlimitedpartner(QDLP)pilotprojects,andtooktheleadincarryingoutinnovativebusinesspilotprojectssuchasforeignexchangemanagementofinternationaltradesettlementcentersandcentralizedoperationofforeignexchangefundsatheadquartersofmultinationalcompanies..Thelevelofliberalizationandfacilitationofcross-borderinvestmentandfinancinghasbeenimproved.Bytheendof2022,Shanghaihasestablishedatotalof1,849cross-bordertwo-wayRMBfundpools,accountingfor56%ofthecountry’ssettlementvolume;theSuzhouFreeTradeZonehaslaunchedthefirstbatchofQFLPforeignexchangefacilitationbusinessesinthecountry.

Continuetostrengthensupportfornewforeigntradeformatssuchascross-bordere-commerceandoverseaswarehouses.Withtheaccelerateddevelopmentofcross-bordere-commerce,marketprocurement,offshoretrade,overseaswarehousesandothernewbusinessmodelsintheYangtzeRiverDeltaregion,variousfinancialinstitutionsrelyoncross-borderfinancialadvantages,andthroughbusinessmodelinnovationssuchascooperationwiththird-partypaymentinstitutions,tohelpcross-borderImportandexportbusinessofoversease-commerceenterprises.In2022,theRMBcross-bordersettlementvolumeofcross-bordere-commerceinShanghaiincreasedby8%year-on-year.

Thetwo-wayopeningupofthecapitalmarketcontinuedtoadvance.TheShanghai-HongKongStockConnectwasfurther

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expandedintwodirections,theShanghai-LondonStockConnectwasexpandedtoSwitzerlandandGermany,andtheChina-JapanETFinterconnectionwassteadilyadvancing.Asoftheendof2022,thecumulativenetinflowofforeigncapitalthroughShanghai-HongKongStockConnectwillreach1,164.5billionyuan.

(4)Positiveprogresshasbeenmadeinfinancialintegrationandurbanization

Thefinancialsupportpolicysystemforintegratedurbanizationhasbasicallybeenestablished.Atthelevelofcentralministriesandcommissions,thePeople'sBankofChinaledfiveministriesandcommissionstojointlyissuethe"OpinionsonFurtherAcceleratingtheConstructionofShanghaiInternationalFinancialCenterandFinancialSupportfortheIntegratedDevelopmentoftheYangtzeRiverDelta"inFebruary2020,whichofferedsystematicsupportpolicyforthepromotionofcross-regionalcooperationamongfinancialinstitutions,theimprovementoffinancialsupportingserviceslevel,financialpolicycoordinationandinformationsharingintheYangtzeRiverDelta.InNovember2022,thePeople'sBankofChinaandotherministriesandcommissionsjointlyissuedthe"OverallPlanfortheConstructionofScienceandTechnologyInnovationandFinancialReformPilotZonesinShanghai,Nanjing,Hangzhou,Hefei,andJinxing",whichclarifiedrelevantpoliciesforfinancialsupportfortheconstructionoftheYangtzeRiverDelta

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collaborativeinnovationsystem.Attheregionallevel,theShanghaiHeadquartersofthePeople'sBankofChinatooktheleadinestablishingthe"FinancialServicesYangtzeRiverDeltaHigh-QualityIntegratedDevelopmentCooperationMechanism"in2019;inApril2020,itjointlyissuedthe"MeasuresAboutDeepeningtheImplementationofFinancialSupportPoliciesintheYangtzeRiverDeltaEcologicalGreenIntegratedDevelopmentDemonstrationZone".

Thelevelofcross-regionalcooperationamongfinancialinstitutionshasbeencontinuouslyimproved.ThelevelofintegrationofpaymentserviceinthepublicservicesectoroftheYangtzeRiverDeltahasbeenimproved.Promotetheintegrationoffinancialinstitutions'operationandmanagement.InDecember2020,the"GuidelinesfortheIntegrationofBankingandFinancialInstitutionsintheYangtzeRiverDeltaEcologicalandGreenIntegratedDevelopmentDemonstrationZone"wasreleased.InMarch2022,theGuidelinesfortheInter-provincial(Municipal)JointCreditExtensionintheYangtzeRiverDeltaRegionwasjointlyissued.InNovember2021,21financialunitsjointlylaunchedthedemonstrationzone'sfinancialintegrationserviceinnovationanddevelopmentalliance,focusingonstrivingforinnovationandbreakthroughsinfouraspects:integratedfinance,greenfinance,technologicalfinance,andinclusivefinance.ThesocialorganizationsoftheinsuranceindustryintheYangtzeRiverDeltaregionholdregularjointmeetings,andhave

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successivelysignedacooperationframeworkagreementontheintegrateddevelopmentoftheYangtzeRiverDeltaregion,andamemorandumofcooperationoninsurancepublicityworkandautoinsurancework.

Thesupportingservicesoftheregionalfinancialmarketwerecontinuouslyimproved.TheeffectivenessoftheShanghaiStockExchange’sYangtzeRiverDeltacapitalmarketservicebasecontinuedtoshow,theintegratedconstructionofcreditinformationservicesintheYangtzeRiverDeltacontinuedtoadvance,andtheestablishmentofaunifiedmortgageandpledgesystemintheregionwasactivelyexplored.

TheYangtzeRiverDeltafinancialpolicycoordinationmechanismhasbeenestablishedandimproved.TheYangtzeRiverDeltaregionhasinitiallyestablishedaframeworkforfinancialandjudicialcooperation.Continuouslystrengthencooperationinfinancialsupervision,establishananti-moneylaunderingsupervisioninformationsharingandjointworkingmechanism,anon-litigationsettlementmechanismforfinancialconsumptiondisputesintheYangtzeRiverDeltaregion,atalentsharingmechanismforadjustmentexperts,aninformationexchangeearlywarningmechanism,andanatypicalcaseconsultationmechanism,etc.

3.DeficienciesinfinancialsupportfortheintegrateddevelopmentoftheYangtzeRiverDelta

(1)Scienceandtechnologyinnovationfinancestillhas

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shortcomingsinsupportinginnovation-drivendevelopment

Theactivityofventurecapitalandprivateequityinvestmentdeclined.AccordingtodatafromWind,thenumberofventurecapitalandprivateequityinvestmentcasesintheYangtzeRiverDeltaregionreached1,613in2018.However,duetoeconomicdownturn,epidemicdisturbanceandotherfactors,theactivityofventurecapitalandprivateequityinvestmenthasdroppedsignificantly.Thenumberofinvestmentcasesin2020and2022hasdroppedsignificantlyto808and938,whichareonlyequivalentto50%and58%of2018.

Thecapitalmarket'ssupportforinnovationindifferentprovincesintheregionisuneven.Inrecentyears,AnhuiProvince'sabilitytoutilizethecapitalmarkethasbeensignificantlyenhanced,butthereisstillasignificantgapamongtheprovincesinYangtzeRiverDeltaregion.TherearemanytechnologyenterprisesinAnhuiProvince,andthenumberofnational-level"SRDI"smallgiantenterprisesranksseventhinthecountry.However,bytheendof2022,thereareonly20companiesontheScienceandTechnologyInnovationBoardand33companiesontheChiNextBoard,respectively8.3%and7.5%ofthenumberoflistedcompaniesinthesectors;only3companieshaveissueddual-innovationbonds,withafinancingscaleof2.4billionyuan,whichislessthanone-tenthofthetotalamountintheYangtzeRiverDeltaregion.

Thesynergisticeffectoffinancialsupportforscientificand

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technologicalinnovationinvariousprovincesandcitiesstillneedstobeimproved.Generallyspeaking,technologycompaniesinprovincesandcitiesintheYangtzeRiverDeltaregionarestillmainlysupportedbyfinancialresourcesoftheirownprovincesandcities,whichismoreobviousinthefieldsofbankingandgovernmentguidancefunds.Thisresultingastructuralmismatchbetweentechnologicalfinancialresourcesandtheneedsoftechnologyenterprises.Whileoneprovincehasexcessscientificandtechnologicalfinancialresources,anotherprovincefacestheproblemofinsufficientscientificandtechnologicalfinancialresources.

(2)Theabilityofgreenfinancetosupportgreenandlow-carbondevelopmentisstillinsufficient

Thereisaregionalimbalanceinthesupplyanddemandofgreenfinance.GreenfinancialresourcesintheYangtzeRiverDeltaregionaremainlyconcentratedinShanghai,wherethepressureofgreenandlow-carbontransformationisrelativelysmall.NorthernJiangsuandsomepartsofAnhuiarehighlydependentonresourcesandheavyindustries,andthereisgreatpressureforgreenandlow-carbontransformation,butgreenfinancialresourcesarerelativelyscarce.Takinggreenbondsasanexample,AnhuiProvincehasissuedatotalofabout30billionyuanofgreenbonds,whileShanghai,ZhejiangandJiangsueachexceeded100billionyuan.Resourcessuchasgreenindustryfundsandgreeninsurancearealsomostlyconcentratedin

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ShanghaiandZhejiang.

Greenfinancepolicycoordinationstillneedstobeimproved.YangtzeRiverDeltaregionhasestablishedgreenfinancialserviceplatformsattheprovincialormunicipallevel,butcross-regionalsharinganddockingofinformationongreenprojects,greenenterprises,andenvironmentalprotectionarerelativelylimited.Intermsofgreenprojectsandgreenenterprisecertification,thereisnotmuchinteractionbetweenprovinces,whichisnotconducivetotheimprovementoftheregionalgreencreditsystem.Aunifiedstatisticalcaliberforgreenfinanceisthebasisfordevelopinggreenfinanceandgivingfullplaytotheroleofpolicyincentives,butaunifiedgreenfinancialstatisticalsystemintheYangtzeRiverDeltaregionhasnotyetbeenestablished.

Theenvironmentalbenefitassessmentsystemofgreenfinancestillhasshortcomings.Inordertoobtainfinancialsupport,somefinanciersmayusegreenfinancingforprojectsthatcannotmeetenvironmentalbenefitexpectations,causingtheriskof"greenwashing".AccordingtoastudybyTheEconomist,the20largestESGfundsintheworldareinvestinginfossilfuelsuppliers.SomefinancialinstitutionsintheYangtzeRiverDeltaregionhavetakenmeasurestopreventtheriskof"greenwashing",buthavenotyetestablishedacalculable,reportable,andverifiableenvironmentalbenefitevaluationsystem.

(3)Theefficiencyoffinancialsupportforopendevelopment

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stillneedstobeimproved

ThedegreeofinternationalizationofShanghaiInternationalFinancialCenterneedstobefurtherstrengthened.Theinternationalfinancialcenterhasauniqueadvantageinenhancingthelinkageeffectofnationalandinternationalmarketsandsupportingopendevelopment.Atpresent,thereisstillmuchroomforimprovementinthedegreeofinternationalizationofShanghaiInternationalFinancialCenter.Ontheonehand,therearealmostnoforeignlistedcompaniesontheShanghaiStockExchange,andthedegreeofopennesstoforeigncompaniesisstillverylimited.Ontheotherhand,theforeignshareholdingratiointheShanghaistockmarketislow,only4.4%attheendofSeptember2022,whichisequivalenttotheleveloftheUnitedKingdomandtheUnitedStatesinthe1980s,andfarbelowthecurrentlevelofabout55%intheUnitedKingdomandabout15%intheUnitedStates.Inaddition,somefinanciallawsandregulationsarenoteffectivelyconnectedwithinternationalprevailingrules,suchasthelegalapplicationandjurisdictionofoffshorefinanceandcross-borderfinance.

Theefficiencyoffinancialopeningandcooperationinthefreetradezonesofvariousprovincesisnothigh.Thefinancialopening-uppolicyintheShanghaiFreeTradeZone,especiallytheLinsangNewArea,isattheforefront,buthowtoplayaleadingroleandformaneffectivedockingandbenigninteractiverelationshipwiththeZhejiang,Jiangsu,andAnhuiFreeTrade

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Zonesisstillbeingexplored.Thepolicyadvantagesofcontiguousdistrictshavenotyetbeenfullyutilized.TheabilityofShanghaiInternationalFinancialCentertoservetheopenandintegrateddevelopmentoftheYangtzeRiverDeltaneedstobeimproved.Forexample,foreign-fundedfinancialinstitutionsinShanghaihavearealisticneedtoexpandrelatedbusinessesintheYangtzeRiverDeltaregion.Howtomakefulluseoftheradiationeffectoftheconcentrationofforeign-fundedfinancialinstitutionsinShanghaistillneedstobeexploredandresolved.

(4)Theleveloffinancialurbanizationandintegrationstillneedstobeimproved

Thelevelofcooperationinthefinancialindustryislow.Forexample,thereislittleinter-regionalcooperationinmostinsurancefields.Evenifthereiscooperation,itgenerallypresentsthecharacteristicsoffragmentation,looseness,andinsufficientdepthandbreadth.TheYangtzeRiverDeltaregionfaceshighrisksoftyphoonsandrainstorms,andvariousregionseitherdealwithitthroughpurelycommercialinsurance,oronlyestablishtheirownisolatedcatastropheinsuranceatthecountyandcitylevel.Inthefieldofpeople'slivelihoodinsurancesuchascus