Pedestrians walk past the signs of some of the area's financial institutions in Lujiazui, a central business district in Pudong New Area, Shanghai. [Photo by Sha Lang/for China Daily]

As Shanghai furthers its opening-up in the financial sector, global asset management organizations and enterprises are accelerating their presence in China.

Ten well-established overseas asset management companies signed memoranda of understanding on cooperation with Lujiazui Financial City in Pudong New Area on May 7, a crucial step in expanding their businesses and creating a sound asset management ecosystem in Shanghai.

The 10 newly-settled intuitions include French banking giant BNP Paribas, Netherlands-based asset management company Robeco Group, and South Korean leading independent financial services group Mirae Asset Financial Group.

Currently, 51 globally renowned asset management institutions have established wholly foreign-owned companies in Lujiazui and nine of the top 10 global asset management institutions have settled there.

"Lujiazui is turning into a regional center for world-renowned asset management companies to expand China's businesses, which is why we established a wholly foreign-owned enterprise," said He Zhao, head of the BNP Paribas Shanghai.

Lujiazui is equipped with professional service personnel who are proficient in local policies and business, according to a senior official from CarVal Investors.

"Over the next few years, Pudong will continue to deepen reform and innovation within the China (Shanghai) Pilot Free Trade Zone, carry out pioneering opening-up measures in the financial sector in a bid to attract more financial institutions, and provide them with an optimized business environment," said Wang Hua, deputy head of Lujiazui Financial City Development Bureau.

The Lujiazui Financial City global asset management signing ceremony is held in Shanghai on May 7. [Photo/eastday.com]

Wen Zuliang (right), Party secretary of Pudong New Area, issues a certificate to a representative from China Central Depository & Clearing Co in Shanghai on May 7. [Photo/eastday.com]