The Investment Promotion Platform for the Financial Industry of the China (Shanghai) Pilot Free Trade Zone was launched on Sept 2, aiming to promote investment in the financial industry in Pudong New Area, according to a local media report.

Despite the outbreak of the COVID-19 epidemic, the local government has made the most of advanced technologies to build new no-contact solutions such as online approvals and services, which have greatly promoted investment in the area, with 20 financial institutions setting up shop in Pudong from January to August.

Local authorities said that the platform will promote information sharing and resource integration, and will help improve the area's business environment and government efficiency.

Statistics show that the added value of Pudong's financial industry totaled 202.2 billion yuan ($29.6 billion) in the first half of this year, growing by 7.5 percent year-on-year and accounting for 33.9 percent of the area's total GDP.

The improved industrial ecology and business environment are attracting more and more financial institutions to set up operations in Pudong. As of the end of August, Pudong was home to 1,098 licensed financial institutions, including several heavyweight investment institutions such as the headquarters of Minsheng Securities. 

Pudong is currently beefing up efforts to develop its fin-tech industry, and a significant number of fin-tech enterprises have moved into the area, reflecting Shanghai's growing status as a global financial center.