The Lujiazui financial area of Shanghai's Pudong New District hosted a launch ceremony for the financial law forum on June 7, which will facilitate the construction of a new financial supervision system featuring the participation of multiple industrial parties.

Sun Jiwei, deputy secretary general of Shanghai municipality government, vice secretary of Pudong New District Party committee and district chief, attended the ceremony and delivered a speech calling for joint participation in creating a risk-prevention mechanism.

Sun said that as the city progresses towards an open economy it will achieve many accomplishments and face new challenges. "The new and different formats of industry that are springing up mean there is a greater need for higher requirements for financial supervision," he said. "There is a necessity for macro-control from market measures and order maintaining by means of laws."

Zhang Xin, vice president of People's Bank of China Shanghai branch, proposed to eliminate illegal fundraising in Internet finance. Zhang said that in the long term, the culture and infrastructure of law should be emphasized early on to create a healthy financial industry.

Zheng Shan, director of the municipal judicial bureau, said that an international financial center should grow from free transaction based on principles of law and contract. A more open, transparent and predictable legal policy environment will be needed to build the region into an international financial center matched with the international status of RMB.

So far, finance is the biggest industry in Pudong New District with more than 10,000 financial enterprises. The added value of financial industry accounts for nearly 30 percent in gross regional production. In recent times the district has aimed at improving its legal service and law enforcement system to create an international legalized business environment.