Before the opening of the Lujiazui Forum 2013, Yang Xiong, mayor of Shanghai, discussed some topics with executives from the financial industry at a conference on June 27.

The mayor said that the development of Shanghai has switched from a rapid growth period to stable growth, given the major changes in the external environment.

The government is aware that Shanghai is in a critical transformation period, and it must focus more attention on the improvement of the quality and effectiveness of development in order to vigorously promote the transformation of the economic development model as well as accelerate innovation and transformation development.

Since finance is the core of the modern economy, acceleration of urban development transformation requires the financial industry to demonstrate, promote and drive growth. The construction of Shanghai as an international financial hub is coming to a new historic period. Shanghai will strive to become a global renminbi center for innovation, trade, pricing and settlement by the end of 2015 and an international financial center compatible with China’s economic strength and the renminbi’s international status by 2020.

The mayor also called for the participation of all enterprises and organizations in the construction of Shanghai as an international financial hub. The city will vigorously promote the transformation of government functions. It will also adhere to issue-oriented, market-oriented and demand-oriented principles to handle the relationship between the government and the market to further optimize the business environment.

Shanghai will also try to attract more first-class enterprises and institutions with its excellent environment and services. He sincerely hoped to hear from enterprises and institutions and jointly promote the construction of Shanghai as an international financial hub.