Yi Gang, governor of the People's Bank of China

Financial institutions could sacrifice a part of their profits through interest rate cuts, the monetary policy tools to directly support credit, and the reduction of some service fees, said Yi Gang, governor of the People's Bank of China, the central bank.

"In the second half of this year, the monetary policy is expected to maintain liquidity at a reasonably ample level. For the whole year, new yuan loans are expected to increase by 20 trillion yuan, and the growth of aggregate financing will exceed 30 trillion yuan."

He also mentioned that as an international financial hub, Shanghai can take a step further to free the usage of RMB and achieve the convertibility of capital accounts. "As long as regulatory requirements are met for anti-money laundering, anti-terrorist financing and anti-tax evasion, capital in normal trade and investment can freely float both in and out (of Shanghai)," Yi added.

Yi Huiman, chairman of the China Securities Regulatory Commission

Major policies to support the capital market reform and innovation will be first tried in Shanghai so that the city enhance its international financial hub status, said Yi Huiman, chairman of the China Securities Regulatory Commission.

The CSRC will support the opening-up of the stock market, bond market, futures and other derivatives market in the city. The Shanghai Stock Exchange will be encouraged to carry out more cooperation with overseas markets. The city should be more influential in terms of the pricing power in large commodities such as crude oil, Yi said.

Overseas financial institutions are welcome to establish foreign-controlled securities, fund, and futures branches, Yi said. Efforts should be made to attract more world-class investment banks and asset management firms. To that end, the regulators should continue to create an equal business environment, the CSRC chairman said.

Pan Gongsheng, vice-governor of the People's Bank of China

A series of innovation pilots covering external debt financing, asset cross-border transfer and cross-border renminbi business will be unveiled in Shanghai.

As China's economic and financial strength improves greatly, renminbi, as an international payment, trading and reserve currency, has enhanced its global presence. Presently, the amount of renminbi asset deployed by overseas institutions has reached 6.4 trillion yuan, with an annual average growth of more than 20 percent.