Prime Minister Pham Minh Chinh performs the gong ceremony to open the trading session at the Shanghai Stock Exchange (SSE) - Photo: VGP/Nhat Bac
Visiting and working with SSE, the Prime Minister and the delegation learned about the thinking, methodology, and approach to developing the stock market, and consulted on the leadership, direction, mechanisms, policies, organization, operation, and practical activities of SSE to mobilize capital most effectively, as well as experience related to developing the Shanghai international financial center.
Shanghai is one of the four municipalities directly under the Central Government of China, with an area of over 6,340 km2 and a population of about 24.8 million. The city has a favorable geographical location and convenient transportation, located in the Yangtze River Delta, in the center of China's coastal region, bordering the sea to the east.
The Prime Minister discussed with SSE leaders to learn about the experience of developing the Shanghai international financial center - Photo: VGP/Nhat Bac
Economically , Shanghai is the city with the highest level of openness in China, shouldering the responsibility of pioneering and leading the way in China's reform and opening up. In 2024, Shanghai's GDP will reach about 741 billion USD; GDP per capita will be about 30,486 USD; import and export will be about 593 billion USD; there will be nearly 6,000 newly established FDI enterprises with FDI capital of about 17.6 billion USD.
The Shanghai Free Trade Pilot Zone (FTZ) is a successful testbed for new policies related to trade liberalization, attracting foreign investment (investors are allowed to invest in all sectors without licensing, except for prohibited and restricted sectors), modernizing the financial system, and shifting the government's role from licensing to supervision.
Vietnam is currently Shanghai's largest trading partner in ASEAN. In 2024, Vietnam-Shanghai trade turnover will reach over 18.4 billion USD, up 17.8% from 2023. Shanghai enterprises have invested in a total of 82 projects in Vietnam with a total investment capital of 453 million USD.
SSE leaders introduce to the Prime Minister the history of SSE's formation - Photo: VGP/Nhat Bac
Established in 1990, the Shanghai Stock Exchange (SSE) has a market capitalization of 7,170 billion USD as of December 2024 with more than 2,200 listed companies.
SSE is affiliated and regulated by the China Securities Regulatory Commission (CSRC), and is China's largest and most influential stock exchange.
SSE is also a major financial center in Asia as well as globally, currently the largest stock exchange in Asia, the 3rd largest in the world after the New York Stock Exchange and Nasdaq in the United States.
The Prime Minister and the delegation took a souvenir photo with SSE leaders - Photo: VGP/Nhat Bac
SSE aims to become an international stock exchange with global influence, promote high-quality development of the capital market, and support real economic transformation and innovation, digital transformation and high-tech development, supporting China's "Made in China 2025" strategy.
SSE representative said that they are ready to strengthen cooperation with Vietnam in the field of finance and securities, contributing to promoting economic, trade and investment cooperation in particular and bilateral relations between Vietnam and China in general.
Prime Minister and delegation work with SSE leaders - Photo: VGP/Nhat Bac
After listening to the opinions exchanged, Prime Minister Pham Minh Chinh assessed that the Shanghai financial center is the focal point in China's dual circulation strategy (domestic circulation and international circulation).
Thanking the comments for clarifying many issues that Vietnam is concerned about, the Prime Minister said that Vietnam is currently striving to upgrade its market status from frontier to emerging this year, while developing international financial centers in Ho Chi Minh City and Da Nang.
The Prime Minister suggested that SSE continue to cooperate closely and effectively with Vietnam's stock exchanges, supporting the development of the stock market and Vietnam's international financial center - Photo: VGP/Nhat Bac
The Prime Minister suggested that SSE continue to cooperate closely and effectively with Vietnam's stock exchanges, support the development of the stock market, Vietnam's international financial center, especially in exchanging experiences and training human resources; contribute to promoting the relationship between the two countries as "both comrades and brothers", the Comprehensive Strategic Cooperative Partnership, and the Vietnam-China Community of Shared Future which has strategic significance.
SSE representative said that they are ready to strengthen cooperation with Vietnam in the field of finance and securities, contributing to promoting economic, trade and investment cooperation in particular and bilateral relations between Vietnam and China in general - Photo: VGP/Nhat Bac
Ha Van
Source: https://baochinhphu.vn/thu-tuong-tham-san-chung-khoan-lon-nhat-chau-a-tim-hieu-kinh-nghiem-phat-trien-trung-tam-tai-chinh-thuong-hai-102250626123938193.htm
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