Goldman Sachs president urges market reforms to boost Shanghai’s financial hub role
Goldman Sachs president John Waldron has called on China to loosen foreign exchange rules, ease cross-border data restrictions and improve regulatory transparency as the country’s policymakers seek to strengthen Shanghai’s role as an international financial centre. Waldron, also the investment bank’s chief operating officer and widely seen as a front runner to succeed its current CEO David…
Goldman Sachs president John Waldron has urged China to implement market reforms to enhance Shanghai's position as a global financial hub. Speaking at a meeting of international business leaders advising the Shanghai government, Waldron emphasized the importance of transparency, predictability, and consistency in generating investor confidence.
He suggested regulatory reforms aimed at easing cross-border data restrictions, improving regulatory transparency, and streamlining capital account opening. Waldron also recommended restructuring foreign exchange regulations, simplifying capital account opening procedures, and expediting the review process for initial public offerings and other capital market transactions.
Additionally, he called for assessing foreign financial institutions based on their global resources, rather than just their local entities, to boost confidence among international investors. Waldron emphasized the need for Shanghai to facilitate cross-border data flow and expand pilot programs for cross-border data transfers in the Lingang New Area.
He also suggested simplifying visa applications and establishing mutual recognition of professional qualifications for international professionals to attract global talent to the city.
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